Obama targets US$1.5 trillion in tax boosts, spending cuts

02/17/2013 | Bloomberg

President Barack Obama's plan to avoid upcoming automatic cuts amounts to US$1.5 trillion in higher taxes and budget cutbacks, the White House says. Separately, the Congressional Budget Office estimates that if the automatic cuts take effect March 1, it will lower U.S. GDP growth this year by 0.6 percent and cost the economy 750,000 jobs.

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