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Obama sends $3.8T budget to Congress


 Bloomberg-President Barack Obama sent Congress a $3.8 trillion budget plan today with stimulus spending and tax increases for the wealthiest Americans, spelling out election-year priorities that are certain to draw Republican opposition.

Obama is proposing more money for jobs, highways and bridges, schools, student aid and manufacturing research as well as higher taxes for corporations, banks and oil, natural gas and coal companies.

“This budget is a step in the right direction” and provides a “roadmap for how we can grow the economy, create jobs” and maintain the nation’s security, Obama said in a message to Congress accompanying the budget for fiscal 2013, which begins Oct. 1. “In the year ahead, I will continue to pursue policies that will shore up our economy and our fiscal situation.”

The fourth budget of Obama’s presidency is largely a repackaging of September’s jobs and deficit-reduction proposal that Republicans in Congress largely blocked or rejected as unworkable or unnecessary. Obama faces a re-election campaign, and the budget lays out his priorities for the economy as the Republicans vying to face him question the direction of the federal government.

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