(Bloomberg) – U.S. President Barack Obama’s budget will propose tax cuts for low-income families, a retirement savings plan and ask Congress to make permanent certain tax breaks to offset the cost of higher education.
The Obama administration yesterday released excerpts of the president’s $3 trillion-plus fiscal 2015 budget to be sent to lawmakers today. It will call for $56 billion in new spending for repairs of roads and bridges, job training and preschool education.
Congress has already set spending limits for 2015, damping the impact of Obama’s plan. While House Republicans may write an alternative budget, the Democratic-controlled Senate has no plans to do so, according to Senator Patty Murray, chairman of the Budget Committee, who worked out the compromise that already passed.
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