President Obama has unveiled a $3.55 trillion spending budget for the coming fiscal year. On Thursday, Obama said the plan includes tax relief for lower-income Americans while repealing Bush administration tax cuts for the wealthy.

President Obama: “No part of my budget will be free from scrutiny or untouched by reform. We will end no-bid contracts that have wasted billions in Iraq and end tax breaks for corporations that ship jobs overseas. And we’ll save billions of dollars by rolling back tax cuts for the wealthiest Americans while giving a middle-class tax cut to 95 percent of hardworking families.”

Large businesses and wealthy Americans would see tax increases worth nearly $2 trillion over the next ten years. The estate tax would also be preserved, overriding the Bush administration measure for its repeal. The extra revenues would help pay for a $634 billion reserve fund that Obama says will be used toward universal healthcare.

President Obama: “With this budget, we are making a historic commitment to comprehensive healthcare reform. It’s a step that will not only make families healthier and companies more competitive, but over the long term it will also help us bring down our deficit.”