Obama pledges $1.1tn deficit cut over 10 years
Barack Obama has unveiled a $3.73tn spending blueprint which pledges $1.1tn in deficit savings over the next decade through spending cuts and tax rises.
It projects that the deficit for the current year will surge to a high of $1.65tn. That reflects a sizeable tax-cut agreement reached in 21 with Republicans. For 212, the administration sees the imbalance falling to $1.1tn, giving the US four straight years of $1tn-plus deficits.