Obama would cut deficits by another $1 trillion
President Obama's 2015 budget won't be enacted. But if it were, it would raise $1.4 trillion more revenue and spend $446 billion more than current policies, according to the CBO.
NEW YORK (CNNMoney)
Of course, the budget wheels for next year are already in motion in Congress, making the president's budget, in effect, a dead letter. It is, however, his wish list for taxes and spending.
The Congressional Budget Office on Thursday said Obama's budget would reduce annual deficits by about $1 trillion more than CBO projects over the next 10 years.
It would do so by raising about $1.4 trillion more in revenue, while also raising noninterest spending by $446 billion, the CBO noted in its analysis.
The net effect: The country's accumulated debt, currently about 74% of the size of the economy, would grow in dollar terms but still remain at 74% of GDP by 2024.
Here are some of Obama's proposals with the biggest effects on the federal budget:
Limit tax breaks for high income households: The biggest revenue raiser is Obama's proposal to limit the value of itemized deductions, as well as certain tax exclusions, to 28% of the amount claimed.
Related: Obama's budget: Help for workers, taxes for the rich
The plan, estimated to raise $498 billion over a decade, would hit mostly individuals who make more than $200,000 and married couples who bring in more than $250,000.
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Obama would cut deficits by another $1 trillion