Student News 学生新闻 2012.02.14.docVIP

(CNN Student News) -- February 14, 2012THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.(BEGIN VIDEO CLIP)GROUP: Welcome to CNN Student News from Mr. Law`s seventh grade social studies class at Wapakoneta Middle School, the hometown of Neil Armstrong, the first man to walk on the moon. Have a fun time.(END VIDEO CLIP)(MUSIC PLAYING)***CARL AZUZ, HOST, CNN STUDENT NEWS: Home of Neil Armstrong. We want to take one small step and thank Mr. Law`s class for that introduction before we take a giant leap into today`s headlines. I`m Carl Azuz. This is CNN Student News.All right. You`ve had experience making a budget at some point in your life. You planned how much money you`re going to spend, how much you`re going to save. The U.S. government has to work with a budget, too. President Obama released his budget proposal yesterday. Total price tag on this one: $3.8 trillion.(BEGIN VIDEO CLIP)AZUZ (voice-over): The president`s proposal would make cuts in some areas of government spending. It would also spend money on education and infrastructure, things like roads and bridges. Plus, it would raises taxes on some wealthy Americans. President Obama says there isn`t room in the budget for everything.BARACK OBAMA, PRESIDENT OF THE UNITED STATES: Do we want to keep these tax cuts for wealthiest Americans? Or do we want to keep investing in everything else? Education, clean energy, a strong military? Care for our veterans? We can`t do both. We can`t afford it.(END VIDEO CLIP)AZUZ: All right. Now Republican leaders have been against the idea of raising taxes on the wealthy. They say that will not help the American economy. They also argue the country should be spending less, not more, and they President Obama`s budget proposal could actually hurt the economy.(BEGIN VIDEO CLIP)SEN. JOHN CORNYN (R), TEXAS: Well, this is a very sad day, when the President of the United States fails to keep his promises to the American peop