Obama Presents Budget Plan for 2013

President of United States Barack Obama presented his budget plan on Feb. 13 for 2013, which calls for nearly $4 trillion in spending and aims to reduce the deficit from 8.5 percent of US gross domestic product to 5.5 percent.

The US economy should concentrate on developing the manufacturing sector, renewable energy and in making education accessible for training qualified workers, he said in a speech at Northern Virginia Community College in Annandale.

Obama, who will face the voters in November, said that the budget presented on Feb. 13 aims to cut future debts by $4 trillion up to 2022.

Before an audience of community college students, Obama said that the budget also contemplates lower interest on student loans.

Obama's plan calls for a total expenditure in 2013 of $3.8 million, with a tax increase on the highest incomes and the end of tax cuts approved during the George W Bush administration on annual income higher than $250,000.