AMERICA'S federal budget is less an exercise in accountancy and more a piece of political showmanship, especially when, as now, opposing parties control the presidency and Congress. This year's budget, released on February 2nd, was no different. President Barack Obama presented a long financial wish-list to Congress, calling for higher domestic and military spending, paid for by raising taxes on the wealthy and by borrowing more. It is time to "replace mindless austerity with smart investments that strengthen America", Mr Obama proudly declared. The budget also includes plans to tax companies' overseas profits in order to plough $478 billion into repairing America's crumbling roads and bridges.
Little of this has gone down well with the Republicans who control Congress. Mr Obama's plans to raise taxes and raise spending by 7% above the limits Mr Obama agreed with them in 2011 went down particularly...Continue reading
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