In Budget Proposal, President Obama Proposes New Domestic Investments, Increased Military Spending

NPP Pressroom

In Budget Proposal, President Obama Proposes New Domestic Investments, Increased Military Spending

National Priorities Project's analysis shows proposal would support some top priorities for the American public while increasing military spending

March 4, 2014

FOR IMMEDIATE RELEASE

Contact:

Jasmine Tucker, jtucker@nationalpriorities.org, 240-529-4158

Quick Links:

NPP's statement on the budget proposal
In-depth analysis of the budget proposal
New analysis of how military programs have largely avoided the impact of sequestration cuts in fiscal 2013 and 2014

NORTHAMPTON, MA--President Obama today unveiled his budget proposal for fiscal 2015, a plan that proposed new domestic investments while also requesting increases in military spending.

The proposal includes new manufacturing institutes and job training as well as the president's signature initiative of universal pre-kindergarten education. The budget would limit certain corporate tax loopholes in order to raise new revenue. National Priorities Project (NPP) released analysis of the budget and a statement about its significance to the American people.

Highlights of the new budget include:

$66 billion for pre-kindergarten education over the next 10 years;
No cuts to Social Security cost-of-living adjustments, a proposal that was included in the president's FY2014 budget;
An expansion of the Earned Income Tax Credit, a popular anti-poverty initiative;
Restrictions on corporate tax loopholes and tax breaks for wealthy taxpayers;
$521 billion for military programs, plus an additional $28 billion from an "Opportunity, Growth and Security" fund. If approved by Congress, this would translate to a 5 percent increase in baseline military spending relative to the current year. In addition, the Pentagon receives a war budget, which totaled $85 billion in 2014. A 2015 war budget proposal has not yet been released.

"The president's budget contains some initiatives that would be widely popular with the American people, according to opinion polls. With an emphasis on jobs, education, and a reduction in corporate tax loopholes, the president produced a document that reflects many of the people's priorities," said Jasmine Tucker, NPP's research analyst.

"However, the president still favors expanding Pentagon spending -- even as we withdraw from Afghanistan and research suggests that the American people do not approve of devoting an astonishing 57 percent of discretionary spending to the military," Tucker added. "New analysis shows that military programs have largely avoided the cuts of sequestration, though news reports continue to suggest otherwise."

In order to become law, the president's budget would have to be approved by Congress.

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National Priorities Project (NPP) is a non-partisan, non-profit organization founded in 1983 that makes our complex federal budget transparent and accessible so people can exercise their right and responsibility to shape our nation's budget. In 2014, NPP was nominated for the Nobel Peace Prize in recognition of our pioneering work to track federal spending on the military and promote a U.S. federal budget that represents Americans' priorities. Learn more at nationalpriorities.org.