Obamaa s budget would raise taxes, eliminate spending caps

President Obama is introducing a $3.99 trillion federal budget Monday for fiscal 2016 that would eliminate what the White House called the "mindless austerity" of sequestration cuts and would raise taxes on capital gains and corporations doing business overseas. The president's budget would increase discretionary spending by more than 6 percent, adding or expanding a variety of programs such as early childhood education and tax credits for middle-class families.

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