(MENAFN) US President Barack Obama has put forward a USD4 trillion budget loaded with spending and tax reforms that will likely be dead on arrival at the Republican-controlled Congress, The Peninsula Qatar reported.
Using a healthier economy to turn away from years of austerity-first policies, the proposed plan includes sizable spending on infrastructure, research and the military, according to details released.
The plan would see the deficit remain under 3 percent of gross domestic product (GDP), a level economists commonly view as sustainable, with a predicted deficit of USD474 billion in 2016, or 2.5 percent of GDP.
Around USD478 billion would be spent on America's creaking infrastructure, a one third increase. It would be paid for in part by a one-time 14 percent tax on the estimated USD2 trillion of untaxed earnings held by US firms overseas.
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