TIMES ONLINE: President Obama set up a long and bloody battle with Republicans today when he unveiled an almost $4 trillion budget that raises taxes, slashes military spending and increases the national deficit to its highest level since World War II.
Mr Obama's first budget included a series of contentious provisions that produced howls of protest from Republicans, triggering what will be a major fight on Capitol Hill where the president has to get it passed by both the House and Senate.
The 140-page budget outlines forecasts an enormous $1.75 trillion deficit for this fiscal year, which ends in October, in part because it makes clear that Mr Obama is anticipating yet another massive bailout for the banking sector, on top of the $700 billion package passed last October.
Such a move would be unpopular with the American public and strongly opposed by Republicans and some Democrats on Capital Hill, because the banking sector is widely blamed for the economic crisis. The document includes a $750 billion set-aside in case more rescue funds for Wall Street are needed. President Barack Obama Unveils $4 trillion Budget >>> Tim Reid in Washington | Thursday, February 26, 2009
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