Economics
Obama Proposes $3.8 Trillion Budget to Revive Debt Talks
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President Barack Obama sent a $3.8 trillion budget to Congress today calling for more tax revenue and slower growth for Social Security benefits in a political gamble intended to revive deficit-reduction talks.
The president is proposing to replace across-the-board budget cuts known as sequestration with what White House budget officials say is $1.8 trillion in additional deficit reduction over 10 years that includes collecting more taxes from the wealthy and trimming some federal programs.