An Overview of the President’s FY 2016 Budget
On Feb. 2, President Obama submitted the White House’s Fiscal Year (FY) 2016 budget to Congress. The Administration’s proposed $4 trillion budget would produce a $474 billion deficit (roughly 2.5 percent of the gross domestic product). If enacted, its policies would add approximately $5.7 trillion to the national debt over 10 years. When compared with the $8 trillion increase projected under current law, this represents a roughly 30-percent reduction in the growth in national debt by 2026. Finally, the President aimed to fully reverse the sequester by proposing to increase discretionary spending to $74 billion above the current mandatory spending caps.