WATCH LIVE: Obama unveils White House budget
By Erik Wasson - 04/10/13 01:27 PM EDT
The $1.058 trillion budget for fiscal year 2014 — which will arrive on Capitol Hill about two months late — would turn off the automatic spending cuts known as the sequester and raise $580 billion in new tax revenue over 10 years by limiting tax deductions for upper-income households.
The budget increases spending in 2014 when compared to spending under the sequester. Leaving the sequester in place would lead to $966 billion in discretionary spending in 2014.
Total spending in fiscal year 2014 including on entitlements would be $3.77 trillion.
on The Hill's On The Money blog.
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