The U.S president Barack Obama has rolled out an ambitions first budget and seeks to cut the federal deficits massively in the next four year. Corporate tax loopholes need to be blocked, raising the taxes for the wealthy and slashing spending on the war.

Obama announced the end of tax cuts for America’s wealthiest who constitute 2 per cent of the entire population. He was quick to clarify that this would not affect the main street Americans and downwards. He assured the public that if a family earns less than $ 250,000 a year, there won’t be an increase of a single dime in their taxes.

The government faces the threat of healthcare and retirement programs on a long term basis. The U.S president said that in order to sustain growth they need to preserve long term fiscal health. The problem of the growing costs in the medicare and social security need to be addressed as well.

Obama has promised accountability and transparency in the new budget. Obama openly admitted that in order to save the future generation of this fiscal deficit, massive cost cutting needs to take place. The escalating costs of the war cannot be hid anymore. Obama said that the cost includes “the full cost of fighting in Iraq and Afghanistan. For seven years, we have been a nation at war. No longer will we hide its price.”

Via: NDTV