In this paper we will briefly provide you the overview of President’s 2009 budget. Mainly, the new budget focuses on three issues. These are, safety and internal security, economic growth and fiscal stability.
President’s 2009 Budget mainly focuses on improving the America’s safety and economy. The ongoing sub prime crisis has made the country’s economy unstable. Therefore, in the 2008 – 09 budget, lots of plans will be introduced to promote economic growth and fiscal stability.
The overview of President’s 2009 budget is presented below:
Nation’s Safety and Security:
As said earlier, lot of emphasis has been given on America’s safety and security.
In the budget, a huge amount of money has been allocated for the improvement of the military services.
The new budget supports the country’s fight against global terrorism.
The 2009 budget supports the development efforts for international engagement, that is, bringing peace in some politically disturbed countries, like Afghanistan. It also supports America’s attempts to promote stability and freedom in Iraq and some other middle east countries.
Finally the internal security. During the last two or three years, America has been under the threat of terrorist attack several times. Therefore, in the new budget, the President, Mr George W Bush, focuses more on the development of the country’s internal security systems. More people will be hired for building a strong legal workforce.
Economic Growth and Prosperity:
In the 2009 budget, lot of emphasis has been given on the employment issue. America has been suffering from the unemployment problem for several years. Big IT companies has been more keen to outsource their projects to India or China. Therefore, local people have become jobless and new jobs are not been created regularly for the US citizens. So, the President wants to ensure more employment opportunities for the American youth to accelerate the country’s economic growth.
Another important issue is education, especially primary education. The budget has allocated 14.1 billion dollars in Title I funding for the poor schools. Moreover, it announces a lump sum money, 1 billion dollars, for higher education and research.
The President also wants to provide sound health care facilities but at low cost to the public. The government will spend a lot of money in the health insurance program for the children. The budget proposes tax exemption for the employer sponsored health insurance.
The budget 2009 proposes mortgage reform to combat the on going sub prime mortgage crisis.
The new budget proposes a decrease in government spending. The idea is to keep the growth rate for non-security discretionary spending under 1%, that is, well below the inflation rate.
The President’s target is to secure a balanced budget within 2012. The new budget introduces some policies for mandatory spendings reform through which, the government will be able to save almost 208 billion dollars during the next five years.