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US President Barack Obama has unveiled a budget proposal to Congress, seeking a compromise with Republicans. It’s a spending and deficit reduction package designed to address America’s budgets for the next ten years.
The budget would sharply trim the U.S. deficit over three years by forcing millionaires to pay more in taxes and enacting spending cuts,
Handbag. Obama’s fiscal 2014 budget blueprint ensures that those making 1 million US dollars a year or more would have to pay at least 30 percent of their income in taxes, after gifts to charity.
That increase, along with spending cuts and a 28 percent cap on tax deductions for high earners, would bring the U.S. budget deficit down to 2,
Watches.8 percent of GDP by 2016 and 1,
Clothes.7 percent by 2023. The non-partisan Congressional Budget Office in February projected the U,
Shoes.S. deficit to be 5.3 percent of GDP this year.
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