Obama to seek to bust limits on domestic, defense spending
WASHINGTON (AP) -- President Barack Obama will seek to bust through spending limits for both domestic and defense programs. His next budget will call for negating the effects of across-the-board cuts agreed to by both Democrats and Republicans and signed by Obama into law.
The White House says Obama's budget proposal to Congress will "fully reverse" the so-called sequestration cuts on the domestic side, while boosting national security programs by an equal amount. A White House statement says the budget will be fully paid for by closing tax loopholes and cutting inefficient spending. But taxpayers will have to wait until the budget is formally released Monday to find out exactly how.
Obama plans to announce the proposed increase Thursday when he speaks to House Democrats in Philadelphia at their annual retreat.