Earlier this morning, the SF Examiner posted an article discussing Obama’s plans to raise taxes on individuals and businesses, to reduce the size of the Federal budget. A snippet of the post can be read below, but the full text can be found here.
President Obama announced today that he will reduce the size of the federal budget, cutting $513 billion in his first term by increasing taxes on individuals and business who make over $250,000 and by slashing spending on the wars in Iraq and Afghanistan. He cited concern over a burgeoning federal deficit that he himself helped to create with a $787 billion stimulus package, admitting that large deficits will make it hard for the economy to grow over time.