Today, US President Obama proposed his 2011 Fiscal Year budget he will send Congress. Here are some of the details regarding the $3.8 trillion budget for next year:
Still a little extra in your paycheckThe Making Work Pay tax breaks would be extended for a year. These were part of last year's stimulus and resulted in slightly higher paychecks for 110 million families, the White House said.
More money for educationObama wants $3 billion more for elementary and secondary education programs and $1.35 billion for his Race to the Top program. Pell grants, which help students pay for college, would increase by $17 billion.
Big-shovel itemsThe president is seeking more than $100 billion for state and local infrastructure projects and $4 billion for national and regional infrastructure work.
Debt reductionThe president's budget would reduce the nation's debt by $1.2 trillion over the next 10 years. Obama would let the Bush tax cuts expire for high-income families, impose a "financial crisis responsibility fee" on large banks and end fossil-fuel tax subsidies for oil, gas and coal companies. Discretionary spending that is not defense-related would get a three-year cap, saving $250 billion over the next 10 years.
Big incentives for small businessSmall businesses would get a $5,000 tax credit for every net new employee hired this year. Startups launched this year would be eligible to halve the tax credit. Businesses also would be reimbursed for Social Security taxes they pay on increased payrolls this year. Companies could earn the credit by raising pay or increasing hours worked.
DefenseTo pay for wars in Afghanistan and Iraq, Obama is seeking $33 billion in supplemental funds for this budget year and $159.3 billion for next year's. Funding for military families would increase 3 percent to $8.8 billion. The president would appropriate in advance $50.6 billion for veterans' medical care.
Proposed budget savings• Discontinue the program to build a repository for nuclear waste at Yucca Mountain, Nevada. Savings in 2011: $197 million
• End oil and gas company tax preferences. Savings in 2011: $2.6 billion. Over 10 years: $36.5 billion
• End coal subsidies. Savings over 10 years: $2.3 billion
• Terminate program to develop an alternative engine program for the Joint Strike Fighter. Savings in 2011: $465 million
• Terminate production of C-17 transport. Savings in 2010: $2.5 billion
• Cancel the Constellation Systems program intended to return astronauts to the moon by 2020. Savings per year: $2.5 billion to $5 billion Read more
• Eliminate subsidies to student loan providers and increase the Department of Education's capacity to make loans directly to students. Savings over 10 years: $43 billion
• Terminate program to build EP-X manned airborne intelligence, surveillance and reconnaissance aircraft. Savings in 2011: $10 million
• End grants to manufacturers of worsted wool. Annual savings: $5 million
• Eliminate grant program for inter-city bus security. Annual savings: $12 million
• End competitive grant program for local communities to reduce greenhouse gas emissions. Savings in 2011: $10 million
• Terminate the Navy's Next Generation Cruiser. Savings in 2011: $46 million
• End Corps of Engineers low-priority construction projects. Savings in 2011: $214 million
• Terminate Christopher Columbus Fellowship Foundation, aimed at fostering "new discoveries in all fields of endeavor for the benefit of mankind." Savings in 2010: $1 million