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Obama’s proposed budget a record $4.1T

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President Barack Obama delivered to Congress his final annual budget on Tuesday, proposing to spend a record $4.1 trillion in the budget year beginning Oct. 1.

The spending plan includes several initiatives from a new war on cancer to fighting threats from Islamic State militants to combating global warming.

The proposed budget is not balanced; it projects a deficit for the current 2016 budget year of $616 billion, sharply higher than the latest forecast by the Congressional Budget Office of $544 billion. It also is above the actual deficit of $438 billion recorded last year – the lowest annual deficit since Obama took office.

The proposed budget, which is not expected to be approved by the GOP-controlled Congress, also increases taxes by $2.6 trillion over the coming decade, well above the $1.4 trillion in new taxes the president sought and failed to secure in last year’s budget.

Read more from The Associated Press.

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