Video: Ambinder Boils Down The Budget

4830721In the video below, The Atlantic's Marc Ambinder, CBS News' chief political consultant, breaks down President Obama's first federal budget.

He argues that the $3 trillion-plus budget that Mr. Obama introduced today represents a clear break from budgets presented by previous administrations, and notes that it contains massive new government spending, significant tax cuts, and an unapologetic degree of wealth redistribution.

Ambinder also states that the new president goes further than his predecessors in pushing for the type of transparency he promised on the campaign trail. For example, the budget accounts for the costs to entitlement programs such as Social Security that will take effect as baby boomers retire. Previous presidents might have employed some accounting tricks, Ambinder says.

Mr. Obama's progressive and labor supporters will have plenty to crow over, he adds, as there are funding increases for "green" energy and the census in the budget. Republicans, however, are already leveling charges that the spending is profligate and out of control.

For the full breakdown, click the video below: