President Obama is not releasing a budget proposal as a matter of fiscal responsibility or genuine spending priority.

He’s proposing a fiscal budget with an eye on creating political levers for an upcoming mid-term election cycle.

Never before has any president used the serious issue of a budget presentation merely to generate political divisions.  

Facing a looming thunderclap of defeat, he’s trying to stir his base – and using his budget to do so….

WASHINGTON DC – President Barack Obama’s $3.901 trillion budget would raise taxes on the rich, expand tax credits for the poor and middle class — though as of now, it merely serves as a White House wish list.

Although very little of it is expected to become law — or even be seriously considered via legislation on Capitol Hill — the president’s budget still serves as a benchmark for congressional Democrats.

It seeks $651 billion in new revenue from the rich, would formalize in the tax code a rule named for billionaire investor — and Obama supporter — Warren Buffett, cuts the size and pay of the military, and expands or creates a series of social programs the president has long touted.

Unlike last year, when Obama was seeking a fiscal bargain with Republicans and used the budget as an olive branch, this year’s proposal contains few major compromises. Gone is the request for chained CPI, an offer to reduce the the benefit increases for Social Security and other federal social programs.

Obama would instead slap big banks with $56 billion in “financial crisis responsibility fees” and cap the amount “wealthy millionaires” can deduct in charitable donations.  (read more)