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Budget plan draws jeers, cheers

Feb. 14, 2011 at 5:33 PM   |   Comments

WASHINGTON, Feb. 14 (UPI) -- Reaction to U.S. President Barack Obama's $3.7 trillion budget blueprint was mixed, depending on how an interest was affected by the proposal.

The Independent Petroleum Association of America said the budget proposal would resurrect punitive tax hikes against U.S. oil and gas producers. The plan calls for elimination of some tax loopholes favoring the oil-and-gas industry.

"Contrary to the president's belief, his budget proposal does not target so-called 'Big Oil,' but instead goes after the thousands of small businesses, America's independent oil and natural gas producers, who on average employ only 11 workers," the organization said in a statement.

The non-profit Peter G. Peterson Foundation said in a statement the budget proposal was a starting point for discussions on the country's fiscal matters.

"Both parties need to go much further," Michael A. Peterson, foundation vice chairman, said in a statement. "The real threat to America's long-term economic future is not short-term discretionary spending, but the long-term structural deficits that result in massive interest costs that would burden our nation for decades."

The Pew Center of the States complimented the budget for investing in education.

"The Obama administration's budget proposal, which includes a critical investment to strengthen state early-learning programs, including pre-kindergarten, creates a solid foundation on which future education reforms can be built," Pew said in a statement to The Washington Post.

Topics: Barack Obama
© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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