President Barack Obama formally presented his draft budget for fiscal year 2014 today. Click through for details, but here are the top numbers:
The $1.058 trillion budget for fiscal year 2014 – which arrived on Capitol Hill about two months late – includes $3.77 trillion in total spending, including entitlements.
It would add $5.3 trillion in new deficit spending over 10 years and increase spending in 2014 by $160 billion compared to current law.
Statements from Representatives Dave Loebsack, Tom Latham, and Steve King are after the jump, along with press releases from several Iowa advocacy groups. I am seeking comment on the president’s budget from all the members of Iowa’s Congressional delegation and will update this post as needed. Iowa Citizens for Community Improvement called attention to the fact that Representative Bruce Braley has not explained his position on changing the Social Security cost of living adjustment to calculate benefits with a chained consumer price index. The president’s budget includes the “chained CPI” proposal, a truly terrible idea. The AARP said today it is “deeply dismayed that President Obama would propose cutting the benefits of current and future Social Security recipients, including children, widows, veterans and people with disabilities, to reduce the deficit.”
Also today, the U.S. Postal Service announced that it has delayed plans to cancel Saturday mail delivery. Comments from Loebsack and Representative Bruce Braley are at the end of this post. Both of them had strongly criticized the idea when floated in February.
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