Obama to seek to bust spending limits by $74 billion



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WASHINGTON (AP) — The White House says President Barack Obama's budget will propose spending $74 billion more than current spending caps. That would be an increase of about 7 percent.

Obama plans to release his budget for the next fiscal year on Monday. The White House says Obama will propose $530 billion for domestic programs, which is $37 billion more than the limits established by so-called sequestration.

Obama will also propose $561 billion for defense spending. That's an increase of $38 billion over the spending limits.

Obama wants to do away with the across-the-board cuts that Democrats and Republicans agreed to in 2011 in an attempt to reduce the federal deficit.

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The Associated Press

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