US President Barack Obama is urging Congress to pass his 3.6-trillion US dollar budget plan, defending it as the economic blueprint of the country's future.
![US President Barack Obama speaks during the Recovery Act Implementation Conference in the Eisenhower Executive Office Building next to the White House in Washington,DC.[Mandel Ngan/CCTV/AFP]](http://images.china.cn/attachement/jpg/site1007/20090319/000cf1a487730b2be63e07.jpg "US President Barack Obama speaks during the Recovery Act Implementation Conference in the Eisenhower Executive Office Building next to the White House in Washington,DC.[Mandel Ngan/CCTV/AFP]") |
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US President Barack Obama speaks during the Recovery Act Implementation Conference in the Eisenhower Executive Office Building next to the White House in Washington,DC.[Mandel Ngan/CCTV/AFP]
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Meanwhile, Obama's determination to restrict insurance giant AIG from handing out huge bonuses to its executives is gaining the support of law-makers.
Obama strongly defended the budget plan in an appearance with the heads of the congressional budget committees on Tuesday.
He said the 3.6-trillion US dollar budget plan aims to revive the economy, while reforming the country's healthcare, energy and education systems.
Obama responded sharply to criticism from some congress leaders that he's taking on too many issues at once, and that solving the banking crisis should be the current top priority.
Barack Obama, US President, said, "The American people don't have the luxury of just focusing on Wall Street. They don't have the luxury of choosing to pay either their mortgage or their medical bills. They don't get to pick between paying for their kids' college tuition and saving enough money for retirement. They have to do all these things. They have to confront all these problems. And as a consequence, so do we."
But he also acknowledged that new deficit figures will be a serious challenge. The new budget plan is designed for the 2010 fiscal year, which begins on October 1st this year.
It assumes a deficit of 1.75 trillion dollars. The projected deficit of the 2009 fiscal year stands at 1.2 trillion dollars, already an all-time high.
The US Congress may still need more time to ponder the new budget plan. But many law-makers are wasting no time supporting the president's pledge to restrict AIG's controversial bonuses program.
Senate and House Democrats have vowed to introduce new bills to tax up to 100 percent of bonuses exceeding 100-thousand dollars paid by companies that have received federal bailout money.
Carolyn Maloney, New York Congresswoman, said, "And here's a law we should make. Tax the bonuses of any company in which the government owns a majority stake at 100 percent. I have introduced this bill today. The so-called performance bonuses at 100 percent."
AIG maintains the 165 million dollar bonuses program is legal, as it was made prior to filing with the government about the bailout money.
Edward Liddy, AIG's chief executive, is to testify on Thursday before a House sub-committee.
(CCTV March 19, 2009)
