Obama’s Budget – 10 news taxes and a half a trillion deficit

Politico has details of the 10 new taxes proposed by Obama. They would increase revenue by a staggering $1.8 trillion over ten years. But despite that, his budget still forecasts a US$474 billion deficit.

There is no prospect at all of that budget passing either the House or the Senate.

I’d say that there will be no budget deal, and that the automatic sequestration cuts will occur instead.