WASHINGTON – U.S. Senator Chris Coons (D-Del.), a member of the Senate Budget Committee, today praised President Obama’s fiscal year 2013 budget proposal, saying it showed it was possible to responsibly reduce our nation’s dangerous deficits while protecting investments in areas critical to America’s long-term competitiveness. President Obama’s budget proposal calls for $3 trillion in savings over the next 10 years while still investing in critical priorities, like research and development, education, and infrastructure.
“President Obama’s budget proposal shows that we can reduce our deficits in a way that shares in the sacrifice, but protects the investments that will keep America strong in the global economy,” Senator Coons said.
“The question now is, what will Congress do to move forward with policies that strike the same kind of balance? I share the frustration of many Delawareans who believe it shouldn’t be unreasonable to expect both parties to work together on legislation that will help our economy recover and strengthen our nation’s future.”
Among the highlights, the President’s budget proposal:
• Provides tax incentives for manufacturers who create jobs here at home and doubles the deduction for advanced manufacturing; ends tax deductions for shipping jobs overseas.
• Expands and makes permanent the Research & Development Tax Credit. Senator Coons has twice introduced legislation to strengthen the R&D tax credit. (http://bit.ly/yEAfgm)
• Rewards colleges that stay affordable and provide good value with a Race to the Top: College Affordability and Completion program that will drive reforms to help boost quality, productivity, and degree completion.
• Strengthens the efforts at five international trade-related agencies to promote and enforce international trade, and meet the goals of the National Export Initiative. It also promotes U.S. exports and export-related jobs by providing $517 million for the International Trade Administration to better promote American exports in key markets abroad and improve trade enforcement.
• Empowers the U.S. Patent and Trademark Office to further improve our patent system by granting the agency full access to its fee collections and funding reforms authorized by the America Invents Act. Senator Coons was a cosponsor of the America Invents Act. (http://bit.ly/wL4V2v)