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This is rated Imus in the morning.
-- on the fox -- Good morning everyone president Obama's proposed federal budget for fiscal -- when he fourteen -- come out today on Capitol Hill Peter -- Is that the White House now with a preview hi Peter.
By it and that's right and just a little over three hours from now the president will officially released his 2014.
Budget setting up a Titanic battle whether Republicans.
Over the future course by government spending and deficits and debt.
The budget will call for about three point eight trillion dollars in spending for 2014 including about one trillion in discretionary spending the rest.
Mostly is entitlements the budget would replace the sequester that kicked in March 1 with one point one trillion or so of different cuts over ten years it would also increase.
Include a new calculation.
Of the Consumer Price Index for Social Security to save a 130 billion dollars over ten years.
It would raise more than 600 billion dollars over ten years and new tax revenues mainly by limiting tax deductions for families making more than 250000.
Dollars a year.
And by formally adopting -- Buffett rule remember that.
That would require the wealthy taxpayers earning more than a million dollars.
Pay at least 30% taxes on income over a million and the new budget would -- fifty billion dollars in immediate new infrastructure spending.
Don't try to stimulate the economy now the president the -- the president's budget here.
Is to try to reduce deficits over ten years to stabilize the debt but he doesn't want there.
Try to balance the budget.
As and contrast house Republicans propose five trillion dollars in spending cuts with.
No tax increases to try to balance the budget in ten years take a lesson.
It demonstrates in stark contrast to the house Republican budget that you can invest in our economy and protect our middle class.
And protect our seniors.
And reduce the deficit you don't have to go.
Which is to eviscerate -- devastated programs that help the middle class.
President will be formally -- announcing his budget and Abe Rose Garden ceremony at 11 o'clock eastern this morning of course we'll be.
Covering that live on the Fox Business Network Diane back to you.
All right -- -- in the White House thanks Peter.
Let's take a look at the markets now here in the US we'll get the minutes from the last fed meeting today and -- an insight into what fed members are thinking.
In regards to the bond buying program ahead of that futures are up across the border Dow futures up 3380 S and -- at three the nasdaq's up eight.
In Europe some positive trade data from China is helping give stocks a boost mining shares are also on the rise.
London's up 47 -- is up 36 and Frankfurt up about seventy.
-- -- -- good news out there for individual and business tax filers most of you.
Our -- less likely to be audited by the IRS than you were previously Lawrence amenities in our newsroom.
With more on that -- line.
-- as we're all trying to get our taxes done in time Monday is tax day here's some good news for.
Those earning under 200000 dollars a year the IRS is less likely.
To examine your tax return audits last year for that group of individual tax -- down more than 5% to just about one and a half million.
I -- missing time the IRS is certainly looking at.
I there's people making more than 200 million there's been an increase in audits for their his income levels also some good news for businesses those making more than ten million dollars -- year.
They is saving my -- C less scrutiny from the IRS as well and one -- -- the IRS is battling right now is at current.
Deduction in their in their staffing right they don't have as many people with eyeballs to look at.
All of these forms in tax returns before them.
And -- it's been about a minute since apple released -- -- that's next.
How well did you times is reporting that come as early as July.
Apple might start producing the iPad fifth generation.
Basically the first iPad came out in 2010 there's been a refresh every single year so why not have another repressed -- this year.
Reportedly is -- any thinner and lighter if these things get any thinner and lighter I think they're just gonna disappear but.
Competition is certainly on apple who has the biggest share the tablet space right now of course it's losing market share to some other rivals and back to.
Matt Lawrence and an -- the -- -- -- Let's take a look at commodities now -- -- it to the downside this morning all of them at sixty cents now gold is down about nine dollars.
-- coming up this hour Imus his guests of the author Mary and Carol -- -- let them off as Mary and Carol against.
And now you're the -- man live on Fox Business giving you the power -- --
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