Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Top Republicans rip into Obama U.S. budget proposal

Published 02/26/2009, 11:51 AM
Updated 02/26/2009, 11:56 AM

By Thomas Ferraro

WASHINGTON, Feb 26 (Reuters) - U.S. President Barack Obama's proposed $3.55 trillion federal budget drew swift words of anger and concern on Thursday from top Republicans in Congress, presaging major political fights over spending.

While Obama's fellow Democrats control Congress, the president will need the support of fiscal conservatives in his own party, and possibly even some moderate Republicans, to pass any budget.

"I have serious concerns with this budget, which demands hardworking American families and job creators turn over more of their hard-earned money to the government to pay for unprecedented spending increases," Senate Republican leader Mitch McConnell said in a statement.

"The American people deserve a budget that puts fiscal discipline and jobs first. The budget offered by the Obama Administration fails on both counts," said Representative Mike Pence, a member of the Republican leadership in the House of Representatives.

"The American people know we cannot tax, spend and borrow our way back to a healthy economy," Pence said in a statement, adding that Obama had presented a "prescription for economic decline."

Republicans have long touted themselves as champions of limited government, but surrendered that claim in approving a series of big-deficit budgets during the administration of Obama's predecessor, Republican George W. Bush.

Republicans vow to return to their conservative principles as they seek to rebound from last November's election when Democrats won control of both the White House and Congress for the first time since 1992.

(Reporting by Thomas Ferraro; editing by Frances Kerry)

(thomas.ferraro@thomsonreuters.com; +1-202-789-8015; Reuters Messaging: thomas.ferraro.reuters.com@reuters.net))

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.