View Page As PDF
Share Button
Tweet Button

This week, President Obama released his budget. While the president's budget, which is required by law to be submitted to Congress yearly, is unlikely to move on the Hill, it is a snapshot of the administration's priorities.


Here are some of the highlights:



  • Increases overall defense spending by additional $28 billion in FY 2015
  • Decreases number of active-duty Army personnel; retires weapons systems, including A-10 attack aircraft



  • Makes permanent tax credits for higher education
  • Provides federal financing for pre-K programs



  • Boosts spending on basic research
  • Increases funds to maintain the nation's nuclear weapons stockpile



  • Removes a proposal to link Social Security benefits to chained CPI
  • Does not include plans to reform Medicare or Social Security programs



  • Maintains funding for the Affordable Care Act



  • Provides $302 billion over four years to boost infrastructure spending



  • Increases Earned Income Tax Credit for parents of young children, expands eligibility for childless workers
  • Extends benefits for long-term unemployed



  • Taxes carried interest as personal income rather than capital gains
  • Proposes closing several corporate tax expenditures to raise revenue