Obama budget plans to raise taxes on the wealthy
US President Barack Obama will today send Congress his 2014 budget, in an effort to achieve an elusive “grand bargain” to tame runaway deficits that have soared above 1 trillion dollars (€761bn) for each of the past four years.
Mr Obama’s spending blueprint for the 2014 budget year would accomplish the deficit cuts through a combination of further tax increases, further reductions in the growth of spending and reductions in the growth of the government’s biggest benefit programmes, Social Security and Medicare, which provide monthly pensions and health care coverage to the elderly.
