Mar. 4 - President Obama proposes new tax credits and job-training programs for U.S. workers in a 2015 budget that drew instant condemnation from Republicans. Mana Rabiee reports.
President Obama released his fiscal 2015 budget proposal on Tuesday. The $3.9 trillion plan would boost spending on education, welfare, infrastructure and defense. It would pay for some of that spending by scaling back tax breaks for wealthier Americans. Obama defended his budget at a Washington elementary school surrounded by children, saying the budget was made with their future in mind. SOUNDBITE: U.S. PRESIDENT BARACK OBAMA SAYING: "Our budget is about choices. It's about our values. As a country we've got to make a decision if we're going to protect tax breaks for wealthiest Americans, or if we're going to make smart investments necessary to create jobs and grow our economy and expand opportunities for every American." But the President's budget has almost no chance of passing Congress, where Republicans control the House. They say the budget doesn't address larger fiscal challenges, like Social Security and Medicare/Medicaid. Senate Minority Leader Mitch McConnell. SOUNDBITE: SENATE MINORITY LEADER MITCH MCCONNELL (R-KY) "The release of a budget is usually a pretty big deal, but President Obama's latest budget released just this morning, well, it hasn't even ginned up very much excitement. Folks just aren't taking it seriously because it's not a serious document." The 2015 budget proposal also puts a greater focus on fighting poverty. That's a goal the President's been highlighting as he eyes his legacy with less than three years left in office.