President Obama’s budget released on Monday would raise spending levels by $1 trillion over the next decade and taxes by $3 trillion over the next decade, compared with what the Congressional Budget Office expects the federal government would spend otherwise.
In his new budget, Obama proposes spending $50.3 trillion and collecting $44.7 trillion in tax revenue for fiscal years 2016 through 2025.
Over the same time period, the CBO projected that the federal government is currently on track to spend $49.3 trillion and collect $41.7 trillion in tax revenue.
Among other things, Obama’s budget would boost spending on child care, defense, education, infrastructure, unravel the previous agreement he reached as part of the 2011 debt ceiling compromise, and increase taxes on investing.
