Obama budget would shrink deficits by US$1.2t over 10 years: CBO
[WASHINGTON] President Barack Obama's fiscal 2016 budget proposal would shrink US deficits by US$1.232 trillion over 10 years compared to those expected under current tax and spending laws, the Congressional Budget Office said on Thursday.
The reduction is largely due to Mr Obama's proposals for fewer tax deductions and exclusions for the wealthy and plans for lower spending on military operations in Afghanistan.
For fiscal 2016, the first full year under Mr Obama's fiscal blueprint if Congress were to adopt it, the deficit would fall to US$380 billion from US$455 billion, CBO's latest forecast under current laws.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
‘We have our jury’: panel selected for Trump criminal trial
UK wage growth and services inflation too high for rate cut, BOE’s Greene says
US to reduce licensing by 80% for UK, Australia to boost Aukus
IMF tells Asian central banks not to follow Fed too closely
UN chief warns Mideast on brink of 'full-scale regional conflict'
IMF boss says ‘all eyes’ on US amid risks to global economy