tv Jonathan Nicholson on President Obamas Fiscal Year 2016 Budget CSPAN February 9, 2016 9:16pm-9:24pm EST
>> the system isn't broken. it's fixed. we need to make it right for the average american. >> he speaks the truth. >> i believe it is important for young voters to care about the economy because we are the ones who will really be affected by it. rubio's a great candidate. he's one who is able to fix the economy and be good for us to live in. now an update on president obama's 2017 budget request. >> jonathan nicholson is a budget reporter with bloomberg and he joins us to talk about president obama's proposed 2017 federal budget and jonathan, first off, what's the significance of the budget, this being president obama's last year in office and also an election year? >> well, it's mainly -- it's mainly a political document much
more so this year than other years given that it is his last year in office. and republicans in many ways are treating it as such. it has of course as with any budget a lot of specific proposals but in terms of the actual monies that they will be fighting over this coming year in terms of the appropriations process later on down the line, the top line numbers have already been figured out and were figured out last fall. so this is much more of a political document than a practical guide arguably to what the policy discussions will be this year. >> in light of that, then, what is in this? what are some of the key details whether it's cancer research, oil price increases, cybersecurity funding? >> there's -- on the overview of it, basically it's about a $4.1 trillion in spending, about $3.6 trillion in revenue for about a
$500 billion deficit in t2017. he over ten years the accumulated deficits are $6 trillion. basically what obama did was he raised about $3 trillion worth of revenues but then also increased spending by $1 trillion over those ten years. within 2017, he includes a lot of new monies for transportation, that is funded by that $10 per barrel oil fee. he also includes some expansion of the earned income tax credit for childless workers. that's something the omb officials said today they hope to maybe possibly try and work with republicans on. and there's also some increased money for things like cancer research and clean energy. the cancer part is of course associated with vice president biden's moonshot initiative and that is one of the other things that the omb, office of management and budget within the white house has said they hope they can work with republicans
on. just to give an idea here, this is usually they try to target initiatives like these like rifle shots. these are arguably even tinier than rifle shots in terms of trying to find common ground between this white house and this republican congress. >> well, then let's turn to war funding and something we have heard of in the past budgets, the overseas contingency operations budget. you have tweeted about this. the white house budget keeps $73.7 billion in the oco for fiscal 2017. house gop leaders may want more to gain defense department hawk votes. would need the white house to sign. what's going on here? >> well, right now, house leadership wants to put together their own budget resolution. that's sort of the way to set the stage for the later appropriations process. but they are having some pushback from members in their own caucus who resent the overall spending levels that were negotiated in last fall's
budget deal so one possibility and it happened last year is they may try to increase defense funding to help buy votes for lack of a better term from members concerned about defense spending at the expense of losing votes among those concerned about overall spending levels. one way to do that would be to try and include a higher oco number but today's number from the white house shows that they have no interest at least so far in a higher oco number to pay for overseas military operations and thus, kind of in that sense, house gop leaders may be on their own when they try to increase oco if they do try to do so later in the year. >> just briefly, i want to touch on sort of the response, house speaker paul ryan immediately writing that the budget proposal is a progressive manual and he's also called for regular order in terms of when we get down the road here to the appropriations bills in the house and senate.
what's the likelihood of those bills being taken up individually, not as an omnibus? >> well, historically, there's two things to keep in mind here. the last time that that was done in terms of individual bills being passed individually in time for the fiscal year, september 30th end, was 1994. the last time a republican congress agreed on a budget resolution in an election year was 2000 back when john kasich was still the house budgets chairman. so history sort of -- >> coming full circle. >> yes. history sort of prevails against at least as a tide against these things happening. >> well, jonathan, thanks so much for joining us. we will keep tabs on this and follow you on twitter. jnicholson indc and reporting at bloomberg firstname.lastname@example.org. thanks so much.
>> thank you. >> thursday on capitol hill, federal reserve chair janet yellen testifies before the house financial services committee on the state of the economy. that's live at 10:00 a.m. eastern here on c-span 3. then the zika virus is the focus of the house foreign affairs subcommittee hearing with centers for disease control and prevention director thom frieden and national institute of allergy and infectious diseases director anthony pouchy. that's live at 1:15 p.m. eastern also on c-span 3. >> president obama unveiled his $4.1 trillion budget proposal for 2017, included in that budget a proposal of $582.7 billion for defense spending. deputy defense secretary robert work and other pentagon officials outlined the details in the budget. this is about an hour and 15 minutes.
good afternoon, everybody. thanks for joining us as we roll out the fy-2017 defense budget. the defense budget request totals $523.9 billion in discretionary funding for our base budget and $58.8 billion in overseas contingency operations for a total of $582.7 billion. that sustains the president's national security and defense strategies. and they conform -- the figures conform to the budget levels found in the bipartisan budget agreement. now, when building this program that informs the budget that we're going to talk to you about today, secretary carter first asked the department to take the long view. and the way he did it is say how is the next 25 years going to differ from the last? how is it likely to be different? now, of course the future is inherently unknowable, but we concluded that five evolving strategic challenges would most