WASHINGTON (Sputnik) — US President Barack Obama’s 2016 proposed budget will decrease the US deficit that year, but will add $6 trillion over the next decade, the nonpartisan Congressional Budget Office (CBO) stated in a report.
“Under the President’s policies, the deficit would fall to $380 billion in 2016 and then increase in each subsequent year of the 10-year period, growing to $801 billion in 2025,” the CBO report, released Thursday, said.
“In all, deficits would total $6.0 trillion over that period,” it added.
Reducing the deficit will be achieved through defunding of US military operations in Afghanistan, decreased spending for the social insurance program Medicare, savings from immigration reform and increased revenues from other proposals, according to the report.
In February, Obama proposed a nearly $4 trillion budget for fiscal year 2016. The proposed budget seeks to help middle-class citizens, improve US infrastructure and end defense spending cuts, according to the White House.
