Obama budget envisions $2.9 trillion in 10-year deficit reduction

President Barack Obama on Tuesday unveiled a budget that proposed $2.9 trillion in deficit reduction over 10 years, largely by curbing tax breaks for the wealthy and proposing new savings in the Medicare and Medicaid health care programs. The budget would boost spending to $4.1 trillion for 2017, up $196 billion from fiscal 2016, while raising revenues by $308 over the same period, according to documents released by

the White House. Spending increases are spread across a wide range of programs, from new support for community colleges to helping NATO and other European allies resist “Russian aggression”. The budget also proposes $375 billion in new 10-year savings to federal healthcare programs, including several changes to the Medicare program for seniors. These include new competitive bidding requirements for the Medicare

Advantage Program, certain co-payments for home health episodes, and new mandates for pricing rebates for name-brand drugs. (This version of the story corrects figure in headline to ‘$2.9 trillion’)

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