Congressional Budget Office

President Barack Obama's budget would trim projected federal deficits by $1.1 trillion over the coming decade, using nearly $6 in higher revenues for every $1 in reduced spending to achieve it, Congress' nonpartisan budget analyst said Friday.After four straight years of annual shortfalls exceeding $1 trillion, the Congressional Budget Office report said Obama's budget would push this year's deficit down to $669 billion. Annual shortfalls would shrink slowly to $399 billion in 2017 before rising again, the report said.The report did little to resolve the budget impasse between Obama and congressional Republicans. The White House wants to reduce deficits further with a mix of tax increases and spending cuts, while Republicans have said they won't consider higher taxes.Chiefly because of spending increases his budget proposes, Obama's fiscal plan would make next year's deficit $115 billion higher than the $560 billion shortfall that the budget office estimates for 2014 without the presid...

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