Obama proposes US$3.99t budget

Washington

PRESIDENT Barack Obama on Monday proposed a US$3.99 trillion budget for fiscal year 2016 that sets up a battle with Republicans over programmes to boost the middle class that are funded by higher taxes on corporations and wealthy Americans.

The budget foresees a US$474 billion deficit, which is 2.5 per cent of US gross domestic product. It projects deficits stabilising at that rate over a 10-year period, senior administration officials said.

Mr Obama's budget fleshes out proposals from his State of the Union address and highlights Democratic priorities for the last quarter of his presidency and th…