- Obama unveils his new budget. It includes billions for health care, an additional $750 billion for banks, as well as a tax increase for the wealthy.
WASHINGTON “" President Obama will propose further tax increases on the affluent to help pay for his promise to make health care more accessible and affordable, calling for stricter limits on the benefits of itemized deductions taken by the wealthiest households, administration officials said Wednesday.
The tax proposal, coming after recent years in which wealth has become more concentrated at the top of the income scale, introduces a politically volatile edge to the Congressional debate over Mr. Obama’s domestic priorities.
The president will also propose, in the 10-year budget he is to release Thursday, to use revenues from the centerpiece of his environmental policy “" a plan under which companies must buy permits to exceed pollution emission caps “" to pay for an extension of a two-year tax credit that benefits low-wage and middle-income people.
- Obama plans to reinstitute the assault weapons ban. Recently, Mexico has complained that our assault weapons are contributing to their drug war.
The Obama administration will seek to reinstate the assault weapons ban that expired in 2004 during the Bush administration, Attorney General Eric Holder said today.
“As President Obama indicated during the campaign, there are just a few gun-related changes that we would like to make, and among them would be to reinstitute the ban on the sale of assault weapons,” Holder told reporters.
Holder said that putting the ban back in place would not only be a positive move by the United States, it would help cut down on the flow of guns going across the border into Mexico, which is struggling with heavy violence among drug cartels along the border.
- The Attorney General also said they would stop raiding medical marijuana clubs.
Attorney General Eric Holder said at a press conference Wednesday that the Justice Department will no longer raid medical marijuana clubs that are established legally under state law. His declaration is a fulfillment of a campaign promise by President Barack Obama, and marks a major shift from the previous administration.
After the inauguration, the Drug Enforcement Administration (DEA) continued to carry out such raids, despite Obama’s promise. Holder was asked if those raids represented American policy going forward.
“No,” he said. “What the president said during the campaign, you’ll be surprised to know, will be consistent with what we’ll be doing in law enforcement. He was my boss during the campaign. He is formally and technically and by law my boss now. What he said during the campaign is now American policy.”