US Houses Passes 3.5 Trillion Dollar Budget Plan
US Congress passes 3.5-trillion-Dollar Budget Plan
To revive the struggling economy and tackle recession, The US Senate has endorsed budget blueprint that sanctions 3.5 trillion dollar of spending. The priority sectors identified for this budget include environment and health care. The budget did highlight deficit of US economy at 1.2 trillion dollar.
The budget plan has been approved by 233-196 votes at the House of Representatives without a single vote from the Republicans. The Obama administration reiterates that increased consumer spending is critical for reviving failing economy.
The President Obama’s administration reiterates the fact that it is important to reduce dependence on foreign countries for oil and to bring about a new economy and green economy through clean and eco-friendly energy initiatives.
The budget outlines the initiative of Obama administration on health reform policies that have lately become extremely expensive in the US. To rebuild the economy, education system also needs to be strengthened so that youth can compete at international level playing field.
This responsible budget is to kick start from October 1, and aims to control fiscal deficit by correcting past mistakes. However, The Republicans are in view that it would further plunge the economy into vicious cycle of debt.
This approval of US Senate on higher spending on the domestic program in the budget vote is a clear win for Barrack Obama’s administration.
