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Obama budget predicts $1.3 trillion deficit

The White House on Friday confirmed a report that President Barack Obama's new budget predicts a $1.3 trillion deficit for the ongoing fiscal year. The deficit would drop to $901 billion next year under the administration's tax and spending policies.

By Andrew Taylor | Updated on February 10, 2012
Government Printing Office workers prep copies of President Obama's fiscal 2013 federal budget. (AP Photo/Manuel Balce Ceneta)

WASHINGTON (AP) — The White House on Friday confirmed a report that President Barack Obama’s new budget predicts a $1.3 trillion deficit for the ongoing fiscal year. The deficit would drop to $901 billion next year under the administration’s tax and spending policies.

In his budget submission on Monday the president will also repeat his call to raise the top income tax rate for individuals making more than $200,000 a year and families earning $250,000 from 35 percent to 39.6 percent as part of $1.5 trillion in tax hikes over the coming decade. That proposal alone raises almost $900 billion over the coming decade.

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