WASHINGTON — President Obama sent Congress a record $4 trillion budget Monday that would boost taxes on higher-income Americans and corporations, pushing past tight federal spending caps to fund an ambitious public works program and provide middle-class tax relief.
Obama's budget, which the White House also released on Medium, will set off months of wrangling in Congress. It proposes spending $4 trillion — $3.999 trillion before rounding — in the 2016 budget year that begins Oct. 1. That's a 6.4 percent increase over estimated spending this year, projecting that the deficit will decline to $474 billion. Read more...
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