Obama FY 2016 Budget

Presidential Budget The 2016 federal budget as submitted but the office of the President of the United States is listed and summarized on the White House website. The overall theme of the budget is middle class economics. This is the main idea and concept behind the fiscal year 2016 federal budget. This brief report will list the budget details including the revenue and tax policies as well as the spending priorities and new initiatives. While middle class economics are the focus, there are lots of other things mentioned.

Initiatives of New Budget The federal budget includes the following: Improving access to high-quality child care and early education for parents with young children. The budget is supposed to ensure that children have access to high quality learning starting at birth by making several key investments (White House, 2015). It would expand access to quality and affordable child care. The budget would propose a historic investment in child care to ensure that there is quality and affordable care available to all low- and moderate-income working families with young children.

This overall proposal is supposed to expand access to high-quality care for 1.1 million additional children under the age of four within the next ten fiscal years and help the United States build a supply of quality of care and so forth that all families that need it can access (White House, 2015). There are tax cuts for families paying for child care and those families would get up to three thousand dollars per child.

There will be what is known as the Child and Dependent Care Tax Credit (CDCTC) for families with children under age five and would make the benefit available to households that make up to $120,000 a year. It would supposedly help young children, older children and dependents who are elderly or that have disabilities (White House, 2015). There will be an increase in the duration of the Head Start programs and invests in high quality infant and toddler care (White House, 2015).

The budget is supposed to lay the groundwork for Preschool for All. There will be a budget item of $750 million for the Department of Education Preschool Development Grants. This would be a fifty percent increase over the prior level (White House, 2015). As far as how the revenue side of things would work, the changes or things that will be kept will involve the following: Reform the tax code to reward and support work (White House, 2015). Encourage state-paid leave initiatives (White House, 2015). Ensure access.