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President Obama's budget includes $1 trillion tax hike and $744 billion deficit

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President Obama on Wednesday unveiled his $3.8 trillion budget proposal for 2014, calling for higher taxes in exchange for cost reductions in Social Security and Medicare, a proposal swiftly rejected both by his Republican rivals and Democratic allies. The president's budget -- which would produce a $744 billion deficit next year -- includes about $1 trillion in new taxes over the next decade,...

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