Obama Puts $3.6 Trillion Where His Mouth Is

By Daniel Politi for Slate Posted Friday, Feb. 27, 2009, at 6:47 AM ET President Obama presented his budget and left no doubt that he was being serious when he promised change. The $3.55 trillion spending plan included broad goals and few details, but outlined how Obama plans to finance more spending in health care, energy, and education while increasing the taxes on the top 5 percent of taxpayers, the oil and gas industry, and hedge fund managers, among others. In short: Bye, bye Reaganomics. The 134-page budget "is unprecedented in size, breathtaking in scope and sure to have a major impact on millions of Americans," declares USA Today. The Wall Street Journal notes that the spending plan "marks a significant change in nearly 30 years of governing philosophy."