Obama budget plan would boost U.S. tax revenues, cut deficits -CBO

WASHINGTON, April 17 Thu Apr 17, 2014 10:18am EDT

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WASHINGTON, April 17 (Reuters) - President Barack Obama's fiscal 2015 budget request would boost U.S. tax revenues by nearly $1.4 trillion over 10 years if fully enacted, slashing deficits by $1.05 trillion while funding new spending, the Congressional Budget Office said on Thursday.

There is virtually no chance that Congress will advance Obama's plan in its entirety. But the CBO's latest analysis will feed campaign messaging by both Democrats and Republicans ahead of congressional elections in November. (Reporting by David Lawder; Editing by Eric Beech)

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