February 1, 2010

Obama budget foresees deficits for a decade

President Obama's proposed 2011 budget, which will be officially unveiled today, calls for spending $1.3 trillion more than the government takes in — then continue with deficits of more than $700 billion a year for at least a decade. The proposal would keep in place Bush-era tax breaks for those earning under $250,000, but let them expire for those making more.

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