Obama budget targets millionaires, replaces sequester cuts

U.S. President Barack Obama delivers remarks on measures to reduce gun violence, at the University of Hartford in Connecticut April 8, 2013. Credit: Reuters/Jason Reed

U.S. President Barack Obama delivers remarks on measures to reduce gun violence, at the University of Hartford in Connecticut April 8, 2013.
Credit: Reuters/Jason Reed

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By Mark Felsenthal and Jeff Mason (Reuters) | Wed Apr 10, 2013 6:01am EDT

WASHINGTON - The White House on Wednesday proposed a budget that sharply trims the U.S. deficit over three years by forcing millionaires to pay more in taxes and enacting spending cuts that replace the "sequester" reductions that went into place last month.

President Barack Obama's fiscal 2014 budget blueprint ensures that those making $1 million a year or more would have to pay at least 30 percent of their income, after gifts to charity, in taxes, officials said.

That increase, along with spending cuts and a 28 percent cap on tax deductions for high earners, would bring the U.S. budget deficit down to 2.8 percent of GDP by 2016, senior administration officials told reporters. The nonpartisan Congressional Budget Office in February projected the U.S. deficit to be 5.3 pct of GDP this year.

Obama is due to release his full budget at 11:15 a.m. EDT (1515 GMT) and to make remarks at that time.

(Reporting By Mark Felsenthal; Editing by Doina Chiacu and Bill Trott)

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