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February 27, 2009

Budget to Include War Spending
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The plan estimates the US deficit will grow to a record $1.75 trillion.
In another change, war funding will now be included in fiscal budgets
instead of as a supplemental. Obama said the previous exclusion of war
costs from budget plans has led to “dishonest accounting.” Obama is
seeking $130 billion for the occupation of Iraq and Afghanistan in 2010.
He says the number will drop once the US withdraws combat troops from
Iraq by 2011. Overall, Obama is seeking a four percent increase in
military spending, from $513 billion to $534 billion. Other budget items
include some $250 billion in additional funding for bailing out the
nation’s banks and an end to agricultural subsidies for farmers making
more than $500,000. In the budget document, President Obama blames Bush
administration policies and reckless Wall Street behavior for the
economic crisis. Obama says, “We arrived at this point as a result of an
era of profound irresponsibility that engulfed both private and public
institutions, from some of our largest companies’ executive suites to
the seats of power in Washington, D.C.”



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