President Obama is due to unveil a FY 2014 budget today that will look to cut the deficit to 2.8% of GDP by 2016 from a projected 5.3% this year. The proposal will include tax increases for the well-off but also spending cuts and an offer to use "chained CPI" to limit the cost-of-living increases on welfare programs. The package has little chance of becoming law as is, but the White House hopes it can kick off fruitful negotiations.
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