President Obama’s new budget includes many sweeteners for Kentucky lawmakers but there also some pain pills they must swallow.
Problems with three Ohio River bridges still slow – and even halting commerce – between the Blue Grass State and its northern neighbors. The president’s budget would set up a ten billion dollar fund that will help the Commonwealth borrow the money it needs to expedite backlogged transportation projects. Democratic Congressman John Yarmuth says the president is looking for new ways to spur investment in infrastructure.
“It’s a great time because we’re borrowing money at historically low rates, and if you look back through history many of the great expansions in our infrastructure were done during very difficult economic times,” said Yarmuth.
Republicans don’t like the $3.8 trillion dollar price tag of the president’s 20-13 budget, especially because it again increases taxes on the wealthiest Americans. Kentucky Republican Senator Rand Paul claims it’s dead on arrival.
“I think the main problem is that he’s going to add $11 trillion dollars to our debt over ten years and I just think that’s unsustainable,” said Yarmuth.
That’s why Paul plans to offer a budget a budget of his own designed to balance the nation’s books within five years. Many economists oppose drastic cuts during this fragile economic recovery. As far as energy policy, Kentucky Republicans aren’t happy the president wants to move investments away from coal and oil. By manipulating the free market, Kentucky Republican Ed Whitfield says the White House could hurt Kentucky’s coal industry.
“They reduced the amount of money they requested for fossil fuel research and development by 45%, and they increased renewables, wind power, solar and other renewable by 64%, so I think that’s the wrong policy for America.”
The release of the president’s budget begins an annual battle on Capitol Hill. Now Kentucky lawmakers will help chop and tweak it before crafting a budget that represents their priorities.
