The President's Budget for Fiscal Year 2015

Opportunity for All: The Presidentfs Fiscal Year 2015 Budget

A Roadmap for Growth, Opportunity, and Fiscal Responsibility:  The Presidentfs Budget provides a roadmap for accelerating economic growth, expanding opportunity for all Americans, and ensuring fiscal responsibility. It invests in infrastructure, job training, preschool, and pro-work tax cuts, while reducing deficits through health, tax, and immigration reform.

Builds on Bipartisan Progress: The Budget adheres to the 2015 spending levels agreed to in the Bipartisan Budget Act and shows the choices the President would make at those levels.  But it also shows how to build on this progress to realize the nationfs full potential with a fully paid for $56 billion Opportunity, Growth, and Security Initiative, split evenly between defense and non-defense priorities.

WHAT THE PRESIDENTfS BUDGET DELIVERS:

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Investing in American Innovation to Create Jobs and Opportunity

To compete in the 21st Century economy and make America a magnet for job creation and opportunity, the Budget invests in American innovation, strengthening our manufacturing base and keeping our nation at the forefront of technological advancement. And to ensure our energy security and address global climate change, it continues to focus on domestic energy production, the development of clean energy alternatives, and the promotion of energy efficiency.

Building a 21st Century Infrastructure

Building a durable and reliable infrastructure will create good American jobs that cannot be outsourced and will provide businesses with the transportation and communication networks our economy needs. The Budget includes significant investments to repair our existing infrastructure and build the infrastructure of tomorrow.

Equipping All Americans with a High-Quality Education and the Skills They Need

Americans must be prepared with the skills and knowledge necessary to compete in the 21st Century economy. Expanding educational opportunities is critical to equipping all children with these skills and positioning them to succeed as adults. The Budget includes investments and initiatives to improve all levels of education, from early childhood education through college, as well as significant new efforts to ensure our workforce has the skills needed by American businesses.

Expanding Opportunity and Middle Class Security

Our economy is moving forward and businesses are creating jobs.  But to build real, lasting economic security we need to create more opportunities for all working and middle class Americans to get ahead.  The Budget includes a series of proposals to help ensure that if you work hard and play by the rules, you can find a good job, feel secure about your community, and support a family.

Ensuring Our Nationfs Safety and Security

Economic growth and opportunity can only be achieved if America is safe and secure.  The Budget supports efforts to promote the countryfs security and well-being both at home and abroad.

Managing Government to Drive Further Growth and Opportunity

The Budget takes key steps to both continue and enhance the Administrationfs efforts to deliver a Government that is more effective, efficient, and supportive of economic growth.  

 

Opportunity, Growth, and Security Initiative:  Securing Our Nationfs Future 

The Budget adheres to the funding levels in the bipartisan budget compromise reached by Congress in December, but also demonstrates the Presidentfs vision for an even stronger future for the country by including a fully-paid for $56 billion Opportunity, Growth, and Security Initiative showing where additional investments should be made in critical areas to create more jobs and opportunity and help the country reach its full potential.  The Initiative is split evenly between defense and non-defense discretionary funding and includes investments in the critical areas of education; research and innovation; infrastructure and jobs; opportunity and mobility; public health, safety and security; more efficient and effective Government; and national defense.  It will:

  • Help restore our global edge in basic research.

  • Support  high-quality early learning opportunities across the country, prepare teachers to take advantage of broadband technology in the classroom, invest in closing the achievement gap, and redesign high schools to help students succeed in todayfs economy.

  • Invest in our communities through emergency response activities, juvenile justice programs, and support for Promise Zones, and fund a national network of manufacturing institutes that will spur economic development.

  • Put people back to work, restoring our national parks, renovating veteransf hospitals, and modernizing our national airspace system; and invest in building Americansf skills through apprenticeships and job-driven training at community colleges.

  • Invest in research, community assistance, and resilient infrastructure that will better prepare us for the effects of climate change.

  • Put a stop to short-sighted cuts that compromise efficiency and effectiveness, and cost money over the long run, such as growing deferred maintenance backlogs, sharp cuts to Federal employee training, and erosions in customer service at agencies like the Social Security Administration and the Internal Revenue Service.

  • Enhance our national security by accelerating modernization of key weapons systems, accelerate progress in restoring military readiness degraded by sequestration, support nuclear R&D and infrastructure, and invests in defense facilities and construction across the country.

The Opportunity, Growth, and Security Initiative will be paid for with a balanced package of tax loophole closers and spending reforms. 

 

 Reducing Long-Run Deficits and Promoting Sustainable Long-Run Growth

Under the Presidentfs leadership, the deficit has been cut in half as a share of the economy, the largest four-year deficit reduction since the demobilization from World War II.  While making investments to grow the economy and expand opportunity, the Budget continues this progress, bringing deficits down as a share of the economy to 1.6 percent by 2024.  It also stabilizes debt as a share of the economy by 2015 and puts it on a declining path after that.

In last yearfs Budget, the President included a compromise proposal intended as a show of good faith to spark additional negotiations with Congressional Republicans about the nationfs long-term deficits and debt and to encourage all parties to come together to remove the economically-damaging sequestration cuts.  Although that compromise proposal remains on the table, given Congressional Republicansf unwillingness to negotiate a balanced long-term deficit reduction deal, the Presidentfs 2015 Budget returns to a more traditional Budget presentation that is focused on achieving the Presidentfs vision for the best path to create growth and opportunity for all Americans, and the investments needed to meet that vision.

The Budget shifts away from harmful short-term deficit reduction by replacing remaining sequestration cuts with smart, balanced long-term deficit reduction.  It focuses on the primary drivers of long-term deficits – rising health care costs and inadequate revenues to meet the needs of our aging population while making the investments needed to strengthen the economy both now and in the future. 

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