US: Proposed budget targets job creation

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Stressing the need to control the deficit, Barack Obama has announced his budget plans for 2011 which include $100bn of tax incentives to help reduce unemployment by offering employers incentives to recruit. To pay for these plans, he proposes to increase taxes on Americans earning more than $250,000 a year and make spending cuts in other programmes.

The planned budget is for $3.8tn and must first be approved by congress before coming into force on 1 October. In a sign of potential problems to come from Republicans, Senator Judd Gregg attacked the proposals, saying that the stimulus plan had failed to create jobs, increased welfare and the budget was merely ‘more of the same’.

Source: bbc.co.uk/01.02.10

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