As fiscal austerity remains the norm after the Great Recession, U.S. President Barack Obama sent Congress a $3.9 trillion budget proposal for fiscal year (FY) 2015 that seeks to increase spending to spur growth in the economy, cut into the deficit and introduce more than $1 trillion in tax increases over the next decade. The White House forecasts that the deficit will decrease to 1.6 percent of the national economy by 2024, which would be the smallest annual deficit before the Great Recession.
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