Obama Budget Contains Additional $1.8-Trillion in Deficit Reduction

WASHINGTON (AP) — President Barack Obama unveils a 2014 budget today that includes an additional $1.8 trillion in deficit reduction over the next decade.

 

The $3.77 trillion spending blueprint he’s sending to Congress proposes raising taxes on the wealthy and trimming benefit programs like Social Security and Medicare.

But instead of moving Congress nearer a grand bargain, Obama’s proposals so far have managed to anger Republicans and Democrats alike.

Obama’s Democratic allies have attacked him for pursuing cuts in Social Security and Medicare, while Republicans have rejected the president’s efforts to raise taxes further.

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