WASHINGTON (Reuters) – President Barack Obama on Monday proposed a $3.99 trillion budget for fiscal year 2016 that sets up a battle with Republicans over programs to boost the middle class that are funded by higher taxes on corporations and wealthy Americans.
The budget foresees a $474 billion deficit, which is 2.5 percent of U.S. gross domestic product. It projects deficits stabilizing at that rate over a 10-year period, senior administration officials said.
Obama’s budgets have been laughed out of Congress without even the Democrats voting for them when they controlled things. Is there any reason that the GOP shouldn’t do the same?