An Agency-by-agency Guide To Obama's 2014 Budget
Total Spending: $32.5 billion
Percentage Change from 2013: 35.3 percent increaseDiscretionary Spending: $28.4 billion Mandatory Spending: $4.1 billion Highlights: Obama again would increase spending for two priorities: clean energy and national security. The budget proposal calls for an additional $615 million to increase use of renewable energy such as solar, wind, geothermal and hydropower and spends more than $2.1 billion to modernize the U.S. nuclear weapons stockpile and $5.3 billion to clean up nuclear waste at defense-related sites across the nation, including one in Washington state used to build the atomic bomb. The budget calls for spending $575 million on cutting-edge vehicle technologies, $282 million to develop new biofuels such as ethanol made from switchgrass or other materials and $200 million for a new Energy Security Trust to expand research into electric cars and biofuels to wean automobiles off gasoline. Obama envisions cars that one day can go coast to coast without using any traditional gasoline. Obama says the trust would use revenues from federal leases on offshore drilling without adding to the deficit. As he has each year in office, Obama again calls for repealing more than $4 billion per year in tax subsidies to oil, gas and other fossil fuel producers. The budget proposal says the plan eliminates "unwarranted and unnecessary subsidies that impede investment in clean energy sources and undermine efforts to address the threat of climate change." In a surprise move, the budget calls for a strategic review of the Tennessee Valley Authority, opening the possibility that the federally owned utility could be sold. Although TVA does not receive taxpayer appropriations, the utility's expenditure of borrowed funds does count in the federal deficit. In a statement, the administration said the utility's anticipated capital needs, which include expansion of nuclear power, are likely to quickly exceed the agency's $30 billion statutory cap.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts