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Obama Floats $4 Trillion Budget To Congress

President Barack Obama speaks at the Department of Homeland Security about the administration's fiscal year 2016 budget request released earlier today February 2, 2015 in Washington, D.C. (Jim Watson/AFP/Getty Images)
President Barack Obama speaks at the Department of Homeland Security about the administration's fiscal year 2016 budget request released earlier today February 2, 2015 in Washington, D.C. (Jim Watson/AFP/Getty Images)

President Obama releases a $4 trillion budget today that calls for middle class tax cuts and major investment in infrastructure. The plan would rely on taxing rich Americans by closing tax loopholes on capital gains and trust funds.

Republicans are not on board. Rep. Paul Ryan of Wisconsin said Obama was exploiting “envy economics.” The president’s proposal included a child care tax credit, a $500 credit for “second-earners” in a household and more money for a preschool development program.

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