Eye On Freedom – Keeping a watchful eye on the preservation of our liberty at home and freedom around the world

President Barack Obama proposed a $3.8 trillion budget for fiscal 2011 that will add fuel to the debate over the size and scope of government. The plan includes big increases in personal and business taxes, modest spending cuts and increased outlays for education, defense and jobs initiatives.

The Obama administration has focused in the days leading up to Monday’s formal release on proposals to cap so-called discretionary spending, roughly 17% of the total budget, as part of a plan to start narrowing the record $1.6 trillion gap between proposed budget outlays and tax receipts. But the budget plan calls for nearly $1 trillion in tax increases on upper-income families—largely through allowing Bush tax cuts to expire. Banks, bankers and multinational corporations would face new fees and levies. And oil companies would lose $39 billion in tax breaks.

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