April 17 (Bloomberg) -- President Barack Obama’s proposed 2015budget would increase taxes by $1.4 trillion over the next decadecompared with current law, the budget agency said.
In a fresh analysis of the White House budget plan for thefiscal year starting Oct. 1, the Congressional Budget Office saidthe proposal would result in a $446 billion spending increase forthe 10 years ending in 2024.
The agency projected that under the plan, the U.S. budgetdeficit would increase over a three-year period and then declinefrom 2017-2024, when compared with spending forecast under currentlaw. The deficit would rise about $1 trillion less over 10 yearsthan under current law, CBO projected. Spending would outstriprevenue by about $500 billion from 2014-2015 and rise to $700billion to $800 billion by 2024.
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