WASHINGTON (AP) — President Barack Obama says his proposed $3.77 trillion budget for 2014 can shrink federal deficits and expand the U.S. economy. He says: “We can do both.”
Obama spoke at the White House Wednesday as his administration issued his budget proposal. It would replace $1.2 trillion in automatic spending cuts scheduled to take effect over the next 10 years with $1.8 trillion in deficit-reduction measures. His plan calls for reductions in Social Security and Medicare spending and increases in taxes, mostly on the wealthy.
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