Obama's fiscal 2014 budget plan to be released, draws poor reviews

WASHINGTON (AP) - Two months late, President Barack Obama is rolling out the federal budget he's asking Congress approve for the new fiscal year beginning Oct. 1. But the budget submission, which mixes in approximately $600 billion in new taxes with modest cuts, is being panned in advance by both liberal allies of the administration and conservative critics.

The spending curbs include lower-than-scheduled benefit increases for people receiving Social Security. The wealthy would lose the full benefit of some tax breaks while the poor and middle class would gradually slip into higher tax brackets.

Presidential budgets are often declared "dead on arrival" and this one may be just the latest to get that label. But it differs from last February's campaign-year missive by proposing a new, government-wide inflation adjustment - affecting Social Security, veterans' pensions and the indexing of tax brackets - that has long been offered to Republicans in hopes of winning concessions on new tax revenues.

Democrats in Congress seeking to make the wealthy pay even more taxes have comfortably staked out turf as defenders of "entitlement" programs like Social Security and Medicare despite Obama's willingness to tame their growth.


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