President Obama Proposes 2016 U.S. Budget
On February 2, 2015, President Obama released his seventh budget proposal, requesting $4 trillion in government spending for fiscal year 2016. His proposal calls for $74 billion in additional discretionary spending above the sequestration caps set in place for the upcoming year. The additional spending would be about evenly split between defense and non-defense discretionary programs.
Highlights include:
- raising an additional $208 billion from wealthy taxpayers and $112 billion from corporate institutions over 10 years
- a 5% increase over 2015 for spending on education, with billions toward Preschool for All, Head Start, Title I, and free community college
- a $10 billion per year increase for Social Security, paid for by closing loopholes that allow wealthy individuals to avoid paying Medicare and Social Security payroll taxes
- an investment $7.4 billion in clean energy technologies, an area that received significant cuts in 2015
- A Department of Defense base budget of $534 billion, the highest in history, plus an additional $51 billion war funding.
For more information, find the category your looking for below, or see our full analysis here.
Total Spending
Taxes and Revenue
Education
Military and War
Climate Change
Social Security & Health Care
Budget Deficit
What Is the President’s Budget Request?