The budget foresees a $474 billion deficit, which is 2.5 percent of U.S. gross domestic product. It projects deficits stabilizing at that rate over a 10-year period, senior administration officials said.
Obama’s budget fleshes out proposals from his State of the Union address and helps highlight Democratic priorities for the last quarter of his presidency and the beginning of the 2016 presidential campaign.
But it is as much a political document as a fiscal road map and would require approval from the Republican-controlled Congress to go into effect.
“Our hope is that by laying out … a clear economic vision centered around the middle class and economic growth, that we’ll be able to have a productive conversation (with Republicans) and make progress over the course of the year,” an administration official said on Sunday, previewing the budget’s release.