Obama's $4 trillion budget foresees $474 billion deficit: New York Times

Reuters News
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Posted: Feb 01, 2015 1:44 PM

WASHINGTON (Reuters) - President Barack Obama will propose a $4 trillion budget for fiscal year 2016 on Monday that foresees a $474 billion deficit, which would represent a manageable 2.5 percent of U.S. Gross Domestic Product, the New York Times reported on Sunday.

The budget envisions a $687 billion deficit by 2025, it said, while debt would grow every year and remain about 75 percent of GDP.

The budget also includes $105 million for “trade adjustment assistance” to help workers who have been affected by free trade pacts, it said.

(Reporting by Jeff Mason; Editing by Bill Trott)