Vladimír Urbánek (Kurzy.cz)
Markets  |  April 10, 2013 13:44:44

Obama presented the draft budget for 2014 - a document for 3.77 trillion dollars

U.S. President Barack Obama today sent to Congress a draft budget for 2014 totaling 3.77 trillion dollars. The draft budget envisages inter alia decrease spending on social security and other entitlement spending. The proposal also 50 mld.USD spending on transport infrastructure, 1 mld.USD to support higher education, another billion to support innovative production processes. The proposal allows for growth in state revenue coffers by about 580 mld.USD primarily through restriction of tax relief and filling the gaps in the system of taxation for employees.

The public finance deficit for fiscal year 2014 will amount to 744 mld.USD or 4.4% of GDP, which would be the first deficit below 1 trillion since Obama into his first term.

Proposals to increase revenue have been previously rejected by Republicans. According to the actual Obama is presenting the draft budget compromise suitable building for negotiations on the actual design of the budget for next year.
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Obama představil návrh rozpočtu pro rok 2014 - dokument za 3,77 biliónu dolarů

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