US President Obama unveiled his new budget today, costed at $3.8 trillion, and sent it to Congress for approval.

In introducing the budget he made a speech to the press that slammed Republicans for a decade of waste and “profligacy” that squandered a budget surplus and turned it into a huge budget deficit and financial collapse.

Watch

He said:

The fact is, 10 years ago, we had a budget surplus of more than $200 billion, with projected surpluses stretching out toward the horizon. Yet over the course of the past 10 years, the previous administration and previous Congresses created an expensive new drug program, passed massive tax cuts for the wealthy, and funded two wars without paying for any of it -– all of which was compounded by recession and by rising health care costs. As a result, when I first walked through the door, the deficit stood at $1.3 trillion, with projected deficits of $8 trillion over the next decade.

If we had taken office during ordinary times, we would have started bringing down these deficits immediately. But one year ago, our country was in crisis: We were losing nearly 700,000 jobs each month, the economy was in a free fall, and the financial system was near collapse. Many feared another Great Depression. So we initiated a rescue, and that rescue was not without significant cost; it added to the deficit as well.

One year later, because of the steps we’ve taken, we’re in a very different place. But we can’t simply move beyond this crisis; we have to address the irresponsibility that led to it. And that includes the failure to rein in spending, as well a reliance on borrowing –- from Wall Street to Washington to Main Street –- to fuel our growth.

Full transcript here.

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1. Liberal Conspiracy

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2. Liberal Conspiracy

   Pres. Obama slams Republican "waste" over last decade while unveiling new budget: http://bit.ly/a5XHoR

3. sunny hundal

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