Posted Friday, Feb. 27, 2009, at 6:47 AM ET
President Obama presented his budget and left no doubt that he was being serious when he promised change. The $3.55 trillion spending plan included broad goals and few details, but outlined how Obama plans to finance more spending in health care, energy, and education while increasing the taxes on the top 5 percent of taxpayers, the oil and gas industry, and hedge fund managers, among others. In short: Bye, bye Reaganomics. The 134-page budget "is unprecedented in size, breathtaking in scope and sure to have a major impact on millions of Americans," declares USA Today. The Wall Street Journal notes that the spending plan "marks a significant change in nearly 30 years of governing philosophy."
The Washington Post declares that "Obama's agenda seeks to foster a redistribution of wealth, with the government working to narrow the growing gap between rich and poor." In order to achieve this though, Obama "laid down controversial markers on almost every major issue facing the country," notes the Los Angeles Times. The WSJ predicts that the spending plan "is likely to herald one of the fiercest political fights Washington has seen in years." Republicans were quick to raise their objections yesterday and in what was clearly a "worrisome sign for the president," as the New York Times puts it, Sen. Olympia Snow of Maine, one of the few Republicans who voted for the stimulus package, declared that while the president's goals are "worthy" she lamented that the budget "falls woefully short" on fiscal restraint and reducing the deficit.