President Barack Obama took aim at the Republicans’ budget proposal for next year, saying their planned cuts to Medicaid and Medicare paint a “deeply pessimistic” view of the nation.

President Barack Obama, noting the bloated U.S. tax code needs to be reformed to be “fair and simple,” said he will not extend tax cuts to the wealthiest Americans again.

A new Republican federal budget proposal cuts Medicare and Medicaid funding, part of its attempt to cut government spending by more than $6 trillion in the next decade.

WASHINGTON – With the ink barely dry on various 2012 federal budget proposals, the Maryland congressional delegation began working on shaping the final product this week.

President Barack Obama’s budget proposal for 2012, released Feb. 14, includes two recycled and “failed” life insurance proposals, according to an industry analyst.

President Barack Obama’s proposed 2012 budget calls for changes to the existing tax regulations that primarily target the top two tax brackets.