Higher taxes in Obama's budget would cut deficits: CBOWASHINGTON (Reuters) - U.S. President Barack Obama’s fiscal 2017 budget would produce $6.9 trillion in deficits over the next decade if enacted, about $2.4 trillion less than under current tax and spending laws, congressional forecasters said on Tuesday. The Congressional Budget Office said in a new analysis, however, that its 10-year deficit estimate is $776 billion higher than the administration’s own forecast. This is largely the result of lower revenues resulting from the CBO’s projections for slower economic growth, lower wage and salary growth, and lower revenue gains associated with Obama’s tax proposals. Obama’s budget calls for limiting tax deductions for high-income taxpayers, increasing capital gains taxes, and imposing minimum taxes on foreign income and about a $10-a-barrel oil tax. The CBO’s estimate of a $2.8 trillion revenue gain through fiscal 2026 would also partly come from the enactment of immigration reforms, estimated to result in $386 billion in new revenue over the decade. Obama’s budget plan has no chance of passing in the Republican-controlled Congress. The House and the Senate are working on budget resolutions that are expected to adhere to spending limits agreed to in a two-year budget deal largely negotiated last year by former House Speaker John Boehner and the White House. Some Republican conservatives, however, have called for lower spending levels for government agencies or savings elsewhere in the budget.   The nonpartisan CBO said that spending outlays would also be higher in Obama’s budget by about $400 billion over the 10-year period than under current laws. In the near term, the agency said, the deficit under Obama’s budget for fiscal 2017 would be $433 billion, versus $550 billion under current law. In 2018, the deficit would fall to $383 billion, or 1.9 percent of gross domestic product, before steadily climbing to $972 billion, or 3.5 percent of GDP, in 2026 as costs associated with aging Baby Boomers mount.  Over the decade, the CBO said, the cumulative 10-year deficit would be 3 percent versus 4 percent with no changes in law. Many economists say deficits under 3 percent of GDP are considered sustainable. Debt held by the public in 2026 would be 77.4 percent of GDP under Obama’s budget versus the current trajectory of 85.6 percent. politicsNews
higher taxes obama budget would cut deficits cbowashington reuters president barack obama fiscal budget would produce trillion deficits next decade enacted trillion less current tax spending laws congressional forecasts said tuesday the congressional budget office said new analysis however deficit estimate billion higher administration forecast this largely result lower revenues resulting cbo projections slower economic growth lower wage salary growth lower revenue gains associated obama tax proposals obama budget calls limiting tax deductions taxpayers increasing capital gains taxes imposing minimum taxes foreign income oil tax the cbo estimate trillion revenue gain fiscal would also partly come enactment immigration reforms estimated result billion new revenue decade obama budget plan chance passing congress the house senate working budget resolutions expected adhere spending limits agreed budget deal largely negotiated last year former house speaker john bother white house some republican conservatives however called lower spending levels government agencies savings elsewhere budget the nonpartisan cbo said spending outlaws would also higher obama budget billion period current laws in near term agency said deficit obama budget fiscal would billion versus billion current law in deficit would fall billion percent gross domestic product steadily climbing billion percent gdp costs associated aging baby boomer mount over decade cbo said cumulative deficit would percent versus percent changes law many economists say deficits percent gdp considered sustainable debt held public would percent gdp obama budget versus current trajectory percent politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Higher taxes in Obama's budget would cut deficits: CBOWASHINGTON (Reuters) - U.S. President Barack Obama’s fiscal 2017 budget would produce $6.9 trillion in deficits over the next decade if enacted, about $2.4 trillion less than under current tax and spending laws, congressional forecasters said on Tuesday. The Congressional Budget Office said in a new analysis, however, that its 10-year deficit estimate is $776 billion higher than the administration’s own forecast. This is largely the result of lower revenues resulting from the CBO’s projections for slower economic growth, lower wage and salary growth, and lower revenue gains associated with Obama’s tax proposals. Obama’s budget calls for limiting tax deductions for high-income taxpayers, increasing capital gains taxes, and imposing minimum taxes on foreign income and about a $10-a-barrel oil tax. The CBO’s estimate of a $2.8 trillion revenue gain through fiscal 2026 would also partly come from the enactment of immigration reforms, estimated to result in $386 billion in new revenue over the decade. Obama’s budget plan has no chance of passing in the Republican-controlled Congress. The House and the Senate are working on budget resolutions that are expected to adhere to spending limits agreed to in a two-year budget deal largely negotiated last year by former House Speaker John Boehner and the White House. Some Republican conservatives, however, have called for lower spending levels for government agencies or savings elsewhere in the budget.   The nonpartisan CBO said that spending outlays would also be higher in Obama’s budget by about $400 billion over the 10-year period than under current laws. In the near term, the agency said, the deficit under Obama’s budget for fiscal 2017 would be $433 billion, versus $550 billion under current law. In 2018, the deficit would fall to $383 billion, or 1.9 percent of gross domestic product, before steadily climbing to $972 billion, or 3.5 percent of GDP, in 2026 as costs associated with aging Baby Boomers mount.  Over the decade, the CBO said, the cumulative 10-year deficit would be 3 percent versus 4 percent with no changes in law. Many economists say deficits under 3 percent of GDP are considered sustainable. Debt held by the public in 2026 would be 77.4 percent of GDP under Obama’s budget versus the current trajectory of 85.6 percent. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: higher taxes obama budget would cut deficits cbowashington reuters president barack obama fiscal budget would produce trillion deficits next decade enacted trillion less current tax spending laws congressional forecasts said tuesday the congressional budget office said new analysis however deficit estimate billion higher administration forecast this largely result lower revenues resulting cbo projections slower economic growth lower wage salary growth lower revenue gains associated obama tax proposals obama budget calls limiting tax deductions taxpayers increasing capital gains taxes imposing minimum taxes foreign income oil tax the cbo estimate trillion revenue gain fiscal would also partly come enactment immigration reforms estimated result billion new revenue decade obama budget plan chance passing congress the house senate working budget resolutions expected adhere spending limits agreed budget deal largely negotiated last year former house speaker john bother white house some republican conservatives however called lower spending levels government agencies savings elsewhere budget the nonpartisan cbo said spending outlaws would also higher obama budget billion period current laws in near term agency said deficit obama budget fiscal would billion versus billion current law in deficit would fall billion percent gross domestic product steadily climbing billion percent gdp costs associated aging baby boomer mount over decade cbo said cumulative deficit would percent versus percent changes law many economists say deficits percent gdp considered sustainable debt held public would percent gdp obama budget versus current trajectory percent politicsnews