Tuesday, March 4, 2014

Obama budget raises spending, taxes

Obama budget raises spending, taxes

Saying he’s optimistic the economy and the government’s fiscal picture have finally turned the corner five years into his tenure, President Obama announced a $3.9 trillion 2015 budget Tuesday that calls for tax hikes and a $60 billion boost in spending next year.

 The federal government would run a $564 billion deficit in 2015, which would be a record low for Mr. Obama’s tenure. But the deficit would remain at about half a trillion dollars a year for the next 10 years, meaning debt would continue to pile up. By 2024, Mr. Obama projects gross debt would be $27.5 trillion.