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Higher taxes in Obama's budget would cut deficits: CBO
Reuters: U.S. President Barack Obama's fiscal 2017 budget would produce $6.9 trillion in deficits over the next decade if enacted, about $2.4 trillion less than under current tax and spending laws, congressional forecasters said on Tuesday.
The Congressional Budget Office said in a new analysis, however, that its 10-year deficit estimate is $776 billion higher than the administration's own forecast. This is largely the result of lower revenues resulting from the CBO's projections for slower economic growth, lower wage and salary growth, and lower revenue gains associated with Obama's tax proposals.
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