Republicans criticise Obama’s massive $3.5tn budget
President Barack Obama embarked on the biggest redistribution of wealth from the rich to the poor in US history today when he unveiled his first budget which will amount to a staggering $3.5tn (£2.4tn).
Raising fears among Republicans that he could turn out to be one of the most liberal presidents ever, Obama proposed $1tn in tax rises over the next decade.
But his budget, sent to Congress today, will face enormous resistance from Republicans, who expressed anger at the scale of the spending and tax increases.
The budget amounts to a huge gamble by Obama that, if it goes wrong, could leave the US economy limping badly for years and losing ground to competitors.
Link to the original article posted on Guardian