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And -- president Obama's 2014 but it takes aim at Social Security Medicare and the savings of successful Americans from senior Washington correspondent Peter Barnes.
-- into the camera for us is that the white house with more hey Peter thanks for.
Hustle -- over.
Hey Tracy that's right just get out of a briefing there was senior administration officials let let's talk about they.
Budget proposal the president dropped today three point 77 trillion dollars in spending for 2014 that would be about a two and a half percent increase over spending and when he thirteen.
The administration rejecting a 744.
Billion dollar deficit in -- when he fourteen under this budget about four and a half percent or so of GDP.
The White House says that this budget will also.
Offer one point eight trillion dollars in deficit reduction over the next ten years and -- that last offer that the president put on the table with house speaker Boehner.
In their deficit reduction talks last year the budget it says this budget would replace the sequester according to the White House.
That kicked in on March 1 with one point one trillion or so in different spending cuts over ten years including this new CPI.
Calculator for Social Security as you just mentioned.
It would reduce the inflation and Social Security adjustments every year saving about a 130 billion and this budget would also save money -- Medicare by means testing.
Medicare requiring higher Medicare premiums for people retirees making over a 170000.
Dollars a year the budget would also raise nearly 700 billion dollars over ten years.
In new tax revenues mainly by limiting tax deductions for families that make 250000 or more year we've.
-- in that before from the president and by adopting the buffer rule which would require wealthy taxpayers to pay 30% taxes and adding -- -- -- On their income over a million dollars there was the president earlier this morning.
Building new roads and bridges educating our children from the youngest -- Helping more families afford college.
Making sure that hard work pace.
These are things that should not be partisan they should not be controversial we need to make them happen.
My budget makes these investments to grow our economy and create jobs and it does so without adding a dime toward deficits.
President there referring to some new programs for effort for example for priest school education.
It fifty billion dollars in infrastructure spending in year one.
He does and in.
Higher taxes and things like got cigarettes up about a dollar a pack to help pay for that -- the higher estate taxes and other taxes Republicans right now parsing through all this on Capitol Hill.
Say that from what they see what the new spending in the new taxes they're not sure just -- how much deficit reduction is actually in this budget Tracy nationally and you.
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