President Obama unveiled a $3.73 trillion budget plan yesterday that brings New York City an extra $41.2 million to fight terror - but could leave the poor out in the cold. That mixed bag of news was included in a new Obama spending blueprint for 2012 that aims to pare $1.1 trillion from the ballooning deficit. Obama's bean counters say two-thirds of the deficit reduction would be achieved through spending cuts - including a five-year freeze on many domestic programs. The rest of the savings would come from tax increases on the wealthiest Americans - a proposal the Republicans rejected last year - and limiting tax deductions for high-income taxpayers. It would also slap added fees on large banks. |
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