Obama proposes US$3.99t budget
This sets up a battle with Republicans over programmes to boost middle class funded by higher taxes on wealthy
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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.
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