Other Areas At A Glance
Clinton's Budget At A Glance
WASHINGTON (AllPolitics, Feb. 6) -- President Bill Clinton released his long-awaited balanced budget plan today with tax and spending proposals for fiscal years 1998-2002. Here are the plan's main features:
Spending and Revenues Spending is set at $1.69 trillion for 1998 with revenues projected at $1.57 trillion, leaving a deficit of $120.6 billion, up from this year's $107.3 billion deficit. The five-year plan projects not only balance but a $17 billion surplus in 2002. Spending projections through 2002:
TAXES Although the president has proposed $98 billion in tax cuts, he has also added $76 billion in hikes leaving a net cut of $22 billion.
EDUCATION In addition to the aforementioned tax breaks, the president proposed increasing federal spending on education 20 percent to $51 billion. That includes raising top the top Pell grant level to $3,000 from $2,700.
MEDICARE The president has proposed $138 billion in savings over six years ($100 billion by 2002).
MEDICAID By capping benefits and tying increases to the nation's economic output, the president projects $22 billion in savings. However, he also spends $13 billion on other Medicaid services, putting the net savings at $9 billion.
DEFENSE At $259.4 billion for 1998, Clinton's total defense budget is a small decrease from 1997.
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