°

Topics

Credit and Debt
Obama budget to propose surpassing spending limits by $74 billion
Obama budget to propose surpassing spending limits by $74 billion

President Obama will propose spending about $74 billion more next year than is allowed under federal spending caps, a revival of his push to end across-the-board spending cuts imposed under a bipartisan compromise. Due out next week, Obama’s budget for the next fiscal year will seek an approximate 7% increase over the levels set by the so-called sequestration cuts, a White House official said Thursday. The increases include about $37 billion over the limits for domestic discretionary spending, bringing the total to $530 billion. The president will seek $561 billion in defense spending -- about $38 billion over the caps. Obama is slated to rally Democrats around the plan Thursday...

Loading