Obama details budget plan; debt payments seen tripling

|By:, SA News Editor

President Obama yesterday unveiled his $3.9T budget for fiscal-year 2015, confirming proposals that had already been flagged in advance. These include tax hikes for the rich and energy companies, extending the Earned Income Tax Credit, and increased spending on infrastructure and education.

As expected, Republicans weren't too impressed with the plans, although there is some commonality with GOP ideas.

Perhaps more interestingly, the government expects debt interest payments to more than triple over the next decade to $886B, due to higher interest rates and increasing debt.

The Administration also projects a deficit of $649B for this year, or 3.7% of GDP, a rate that is forecast to fall to 1.9% of GDP through 2018.