President Obama released his proposed federal budget earlier this month. Last week, Voices for America’s Children presented its analysis of the president’s budget, an in-depth look at how children fare under Obama’s spending blueprint.
While our state legislators are busy working out a state budget during these difficult economic times, President Obama was under tremendous pressure to cut spending and curb the national debt. Overall, the president’s budget protects services for children, especially those in severe need, and offers some new investments in the next generation. These investments, even during tough economic times, are critical for ensuring that children have the resources they need to grow up healthy, safe, and educated. These children will then grow up to create a prosperous and productive future for Kentucky.
President Obama manages to squeeze in an additional $300 million for Race to the Top, the federal program that awards grants competitively to the school districts that are most innovative in their teaching; increased funding to implement the health care reform legislation passed in 2010 which has helped children get access to the health coverage they need to learn and grow; and permanently extends vital support for families through the Earned Income Tax Credit, the Child Tax Credit and the Child and Dependent Care Tax Credit. As we’ve talked about previously, these tax credits are particularly important for helping low-income, working families close the gap between what they earn and what they need to make ends meet. They also help local economies, because families spend their tax credits in local stores.