Obama Budget Projects $901B Deficit in ’13

Bloomberg – President Barack Obama will revive proposals for $1.5 trillion in tax increases as well as spending to boost jobs as part of a 2013 budget request that projects the deficit shrinking next year to $901 billion. The tax increases would mostly fall on the wealthy, through a new 30 percent minimum tax on those earning more than $1 million annually, allowing Bush-era tax cuts to expire for families taking home more than $250,000 and capping the value of itemized deductions for top earners at 28 percent, according to administration officials who briefed reporters on the document set for release Feb. 13. Read Article