Obama's 2014 Budget: Key Points to Know

How the new budget will impact you.

Plans for the Future - President Obama unveiled his 2014 budget proposal on Thursday, with education, job creation and supporting middle-class families remaining as top concerns. BET.com breaks down highlights from the report for a look at how these proposals will affect you. — Britt Middleton  (Photo: Win McNamee/Getty Images)

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Plans for the Future - President Obama unveiled his 2014 budget proposal on Thursday, with education, job creation and supporting middle-class families remaining as top concerns. BET.com breaks down highlights from the report for a look at how these proposals will affect you. — Britt Middleton (Photo: Win McNamee/Getty Images)

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Education Boost - "The budget increases access to high quality early childhood education, improves higher education opportunities for African-Americans and Latino students by sustaining funding to programs like Gear Up and Trio; creates pathways to work and job training; permanently extends expansions of the Child Tax Credit and the Earned Income Credit, which helps over two million African-American families with 3.4 million children," said Obama senior adviser Valerie Jarrett.   (Photo: Mario Tama/Getty Images)

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A Helping Hand - The president's budget "tackles hunger in the hardest hit communities by providing $7.1 billion in funding to support the 8.9 million individuals expected to participate in the SNAP and WIC programs and insures $178 billion in mortgage borrowing in 2014 through the Federal Housing Authority. FHA financing was used by 27 percent of all homebuyers, 50 percent of African-American home buyers in 2011," senior adviser Valerie Jarrett told reporters. (Photo: Andrew Burton/Getty Images)

Spending Cuts - Automatic spending cuts to discretionary domestic programs will go into effect. It would impact a broad range of programs, from education to law enforcement.  (Photo: Craig Bromley/Getty Images for Knowledge Universe)

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Increase Access to High-Quality Early Childhood Education - The Preschool for All Initiative, financed by raising the federal tax on cigarettes and other tobacco products, partners with state governments to give access to quality preschool programs for 4-year-old children from low- and middle-class families. (Photo: Craig Bromley/Getty Images for Knowledge Universe)

Benefits for America's Youngest - The budget also provides for $15 billion to expand voluntary home visiting programs that provide families with access to nurses, social workers and other professionals trained in healthy child development and a $750 million investment in preschool development grants for states willing to expand preschool programs. (Photo: Charles Thatcher/Getty Images)

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Benefits for America's Youngest - The budget also provides for $15 billion to expand voluntary home visiting programs that provide families with access to nurses, social workers and other professionals trained in healthy child development and a $750 million investment in preschool development grants for states willing to expand preschool programs. (Photo: Charles Thatcher/Getty Images)

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Improve Higher Education for Minorities  - The president supports expanding teacher education programs at historically black colleges and universities and continuing the $800 million in programs supporting these institutions. Funding for existing programs, GEAR UP and TRIO, will provide support services for students from disadvantaged backgrounds to help them complete a postsecondary education. (Photo: AP Photo/Gerald Herbert)

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Improve Higher Education for Minorities  - The president supports expanding teacher education programs at historically black colleges and universities and continuing the $800 million in programs supporting these institutions. Funding for existing programs, GEAR UP and TRIO, will provide support services for students from disadvantaged backgrounds to help them complete a postsecondary education. (Photo: AP Photo/Gerald Herbert)

Improve College Affordability and Value - As Americans today have an estimated $1 trillion combined student loan debt, Obama has proposed a $1 billion Race to the Top fund to support state governments encouraging higher-education reform. (photo: GettyImages)

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Improve College Affordability and Value - As Americans today have an estimated $1 trillion combined student loan debt, Obama has proposed a $1 billion Race to the Top fund to support state governments encouraging higher-education reform. (photo: GettyImages)

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Financing for the Future - Additionally, a $260 million First in the World program aims to decrease college costs and boost graduation rates while reforms to federal financial-aid programs will reward colleges and universities that set responsible tuition policies and better serve students with financial need. (Photo: Peter Glass/Getty Images)

Create Pathways to Work for Every American - A proposed $12.5 billion Pathways Back to Work fund aims to help unemployed individuals stay connected to the workforce and gain critical skills for long-term employment. This initiative also provides summer and year-round jobs for low-income youth and subsidized employment opportunities for unemployed and low-income adults. (Photo: Justin Sullivan/Getty Images)

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Create Pathways to Work for Every American - A proposed $12.5 billion Pathways Back to Work fund aims to help unemployed individuals stay connected to the workforce and gain critical skills for long-term employment. This initiative also provides summer and year-round jobs for low-income youth and subsidized employment opportunities for unemployed and low-income adults. (Photo: Justin Sullivan/Getty Images)

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Rebuilding Vulnerable Communities - The Promise Zones initiative takes on the task of revitalizing high-poverty communities around the country by shoring up private investment, increasing affordable housing, expanding educational opportunities and providing tax incentives for hiring workers in these communities. In addition, $35 million grants aim to combat crime and violence. (Photo: Justin Sullivan/Getty Images)

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Rebuilding Vulnerable Communities - The Promise Zones initiative takes on the task of revitalizing high-poverty communities around the country by shoring up private investment, increasing affordable housing, expanding educational opportunities and providing tax incentives for hiring workers in these communities. In addition, $35 million grants aim to combat crime and violence. (Photo: Justin Sullivan/Getty Images)

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Make Tax Cuts Permanent for Working Families - The budget permanently extends expansions of the Child Tax Credit and the Earned Income Tax Credit passed in 2009's stimulus package. According to the government's estimates, the Child Tax Credit benefits 12 million families, including 2 million African-American families. (photo: GettyImages)

A Little Extra Help - The expansion of the Earned Income Tax Credit for married couples and families with three or more children provides tax cuts averaging $500 to 6 million families. (Photo: Radius Images/Getty Images)

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A Little Extra Help - The expansion of the Earned Income Tax Credit for married couples and families with three or more children provides tax cuts averaging $500 to 6 million families. (Photo: Radius Images/Getty Images)

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Provide Greater Security for American Workers - The president plans to raise the federal minimum wage to $9 an hour. Additionally, the budget shores up efforts to ensure women receive equal pay by strengthening pay discrimination enforcement. (Photo: Victor J. Blue/Bloomberg via Getty Images)

Make Communities Safer by Reducing Gun Violence - The 2014 budget includes $667 million in additional resources to support President Obama's gun safety plan announced in January, which includes closing background check loopholes to keep guns out of dangerous hands, employing more security at schools and increasing access to mental health services. (Photo: AP Photo/Manuel Balce Ceneta)

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Make Communities Safer by Reducing Gun Violence - The 2014 budget includes $667 million in additional resources to support President Obama's gun safety plan announced in January, which includes closing background check loopholes to keep guns out of dangerous hands, employing more security at schools and increasing access to mental health services. (Photo: AP Photo/Manuel Balce Ceneta)

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Supporting Minority-Owned Businesses  - The president's budget supports growth in under-served and low-income communities by supporting lending programs, cutting taxes and providing more access to credit for small business. The president has proposed to expand on 18 small-business tax cuts already in place while a $225 million grant will go to vulnerable communities around the country. (photo: GettyImages)

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Housing - "The president rightly called for housing finance reform that keeps the American Dream of homeownership alive for this and future generations. This dream accounts for $10 trillion of our nation’s economy and is a proven path towards upward mobility for millions of Americans," according to a statement issued by the Center for Responsible Housing. (Photo: Kevork Djansezian/Getty Images)

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Supporting Homeownership - Obama plans to implement a legislative plan to support responsible homeownership by making millions more eligible for streamlined refinancing as well as helping families avoid foreclosure by making 12-month forbearance for unemployed borrowers an industry standard. The budget proposal also provides $55 million for housing counseling programs for households at risk of foreclosure. (Photo: Kevork Djansezian/Getty Images)

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More Housing Help - The budget proposal also provides $55 million for housing counseling programs for households at risk of foreclosure. (Photo by Justin Sullivan/Getty Images)

Preventing Hunger - The president's plan also earmarks $7.1 billion to support the nearly 8.9 million recipients of Special Supplemental Nutrition Program for Women, Infants and Children (WIC) and Supplemental Nutrition Assistance Program (SNAP). In addition, $35 million in school equipment grants are included to help bring healthy meals to schools around the nation. (photo: GettyImages)

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Preventing Hunger - The president's plan also earmarks $7.1 billion to support the nearly 8.9 million recipients of Special Supplemental Nutrition Program for Women, Infants and Children (WIC) and Supplemental Nutrition Assistance Program (SNAP). In addition, $35 million in school equipment grants are included to help bring healthy meals to schools around the nation. (photo: GettyImages)