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Obama Proposes $3.8 Trillion Budget to Revive Debt Talks
President Barack Obama sent a $3.8 trillion budget to Congress today calling for more tax revenue and restraints on Social Security benefits in a political gamble intended to revive deficit-reduction talks. The president is proposing to replace across-the-board budget cuts known as sequestration with what White House budget officials say is $1.8 trillion in additional deficit reduction over 10 years that includes collecting more taxes from the wealthy and trimming some federal programs. For the first time, Obama is including in his budget an offer made last year to congressional Republicans to change the ... (full story)