Obama sends $4 trillion final budget plan to Congress

(Image credit: Mark Wilson/Getty Images)

published 9 February 2016

President Obama unveiled his eighth and final budget plan Tuesday. The $4.1 trillion budget proposal for fiscal 2017 — which starts Oct. 1, just months before Obama leaves office — focuses on progressive issues including clean energy, education, and Medicaid and requests $19 billion for a new cybersecurity initiative.

The proposal seeks to raise an additional $2.6 trillion in taxes over the next 10 years by hiking taxes on big banks and the wealthy. Revenue is projected to increase by $308 billion in the next fiscal year and spending is estimated to increase by $196 billion.