Lawmakers take first whack at Obama budget plan
By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer Tue Mar 3, 6:07 am ET
WASHINGTON – President Barack Obama is sending his Treasury secretary and budget director to Capitol Hill on Tuesday to defend his proposed tax increases, which are being met with misgivings by both Republicans and Democrats in Congress.
Lawmakers in both parties question Obama's call to reduce high-income earners' tax deductions for the interest on their house payments and for charitable contributions. Also drawing fire is his proposal to start taxing industries on their greenhouse gas pollution — a move sure to raise consumers' electric rates.
Obama and his top aides have been promoting the budget package since unveiling an outline last week, but Tuesday will provide the lawmakers their first opportunity to publicly question top officials about the details.
Administration officials say the nation's economic crisis requires bold action to right the economy and expand access to health care while providing tax breaks to middle- and low-income families.
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