Friday, February 27, 2009

More Details on Obama's Budget Proposals

Changes to agriculture

agriculturePresident Barack Obama revealed his budget proposals yesterday. The 2010 budget increases funding for the Agriculture Department to $26 billion. However, it also decreases funding for some programs that have been around for a long time.

No more farm subsidies for some

Over the three years that begin in September, Obama proposes phasing out direct payments to some farmers. This will only affect farmers who bring in more than $500,000 per year in sales revenue.

He will also decrease funding for the Market Access Program. The plan would eliminate funding to  promote overseas brands.

Expensive census

Obama hasn’t appointed a Department of Commerce Secretary yet, but he has drawn up plans for how much he wants to spend on commerce. This department’s funding would make a big jump from $9.3 billion to $13.8 billion.

Most of the additional spending would go toward the 2010 Census. Obama wants to ensure the Census is completed “effectively, efficiently and on time.”

Investing in education

The 2010 budget calls for $46.7 billion for education. That’s $500 million more than the education budget for 2009. The budget includes $2.5 billion to help low-income students go to college.

Focus on energy

In the Energy Department, the budget allows for $26.3 billion in spending. That’s in addition to the $11 billion for energy in the stimulus package.

Obama says his plan “supports and encourages the early commercial development of innovative, clean energy technologies through loan guarantees.” ... click here to read the rest of the article titled "More Details on Obama's Budget Proposals"

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