Obama to Release 2013 Budget Proposal
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WASHINGTON, Feb. 11 (LID) — President Barack Obama (D) on Monday will propose his 2013 budget to Congress.
Obama’s budget requests $350 billion to bankroll job-creating measures and proposes a six-year, $476 billion highway and surface transportation bill.
The spending proposal also includes tax incentives for companies that create jobs in the United States and calls for doubling the tax-deduction for advanced manufacturing.
“The budget targets scarce federal resources to areas critical to growing the economy and restoring middle-class security,” a White House statement said.
The president is expected again to call for millionaires to pay a minimum federal tax rate of 30 percent – the so-called Buffett Rule, and allow Bush-era tax cuts to expire for families taking home more than $250,000.
The budget forecasts a $901 billion deficit in 2013, equivalent to 5.5 percent of U.S. gross domestic product (GDP), down from 8.5 percent of GDP in 2012.
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