Publisher's Synopsis
A Roadmap for Growth, Opportunity, and Fiscal Responsibility: The President's Budget provides a roadmap for accelerating economic growth, expanding opportunity for all Americans, and ensuring fiscal responsibility. It invests in infrastructure, job training, preschool, and pro-work tax cuts, while reducing deficits through health, tax, and immigration reform.Builds on Bipartisan Progress: The Budget adheres to the 2015 spending levels agreed to in the Bipartisan Budget Act and shows the choices the President would make at those levels. But it also shows how to build on this progress to realize the nation's full potential with a fully paid for $56 billion Opportunity, Growth, and Security Initiative, split evenly between defense and non-defense priorities.WHAT THE PRESIDENT'S BUDGET DELIVERS:
- Stronger Growth and Job Creation:
- Advanced manufacturing - Invests in American innovation and strengthens our manufacturing base, including a national network of 45 manufacturing institutes. Research and innovation - Supports ground-breaking research to fight disease, protect the environment, and develop new technologies, and makes permanent the R&D Tax Credit. Pro-growth infrastructure - Lays out an ambitious, four-year $302 billion surface transportation reauthorization proposal paid for with transition revenue from pro-growth business tax reform. Government reform - Promotes government management that delivers improved services that are more effective, efficient, and supportive of economic growth. Opportunity for All:
- Tax cuts for working Americans - Doubles the maximum value of the childless worker EITC to build on the EITC's success in encouraging people to enter the workforce and reducing poverty; improves tax benefits that help middle-class and working families pay for child care and college and save for retirement. Preschool for all - Invests in the President's vision of making access to high-quality preschool available to every four-year-old child. Job-driven training - Invests in new efforts to drive greater performance and innovation in workforce training to equip workers with skills that match the needs of employers. Fiscal Responsibility:
- Continues historic progress in slowing health care cost growth - Builds on the savings and reforms in the Affordable Care Act with additional measures to strengthen Medicare and Medicaid, slow health care cost growth, and improve the quality of care. Pro-growth tax reform - Curbs inefficient and unfair tax breaks that benefit the wealthiest, and ensures that everyone is paying their fair share. Immigration reform - Supports comprehensive reform of our broken immigration system, which independent economists say will grow our economy and shrink our deficits. Further reduces the deficit and debt - By paying for new investments and tackling our true fiscal challenges, reduces deficits to 1.6 percent of GDP by 2024, and stabilizes debt as a share of the economy by 2015 and puts it on a declining path after that.
