“The Republican budget cuts taxes for millionaires and billionaires, while slashing investments in the middle class that we need to grow the economy,” the press release, issued on Tuesday, read.
The tax bill of an average US millionaire will be reduced by more than $50,000, the release added.
“Because House Republicans refuse to ask millionaires and billionaires to pay their fair share or to raise a single dollar of revenue, their budget relies on the same, failed top-down economics as in previous years,” the White House explained.
The Republican budget more than halves middle class investments starting in 2017, and deprives more than 16 million people of healthcare coverage under the Affordable Care Act, the release added.
The House budget proposal, moreover, failed to explain how exactly $1 trillion in spending cuts will be achieved, the White House said.
US President Barack Obama expressed hope that a compromise can be reached with Republicans for more spending on education, infrastructure and research to keep the momentum going in the economy.
In February, Obama proposed a nearly $4 trillion budget for fiscal year 2016. The proposed budget seeks to help middle-class citizens, improve US infrastructure and end defense spending cuts, according to the White House.
