President Obama proposed $4 trillion federal budget would raise taxes $2.1 trillion, or $6,461 per person, but would spend $2.4 trillion more, drawing a “dead-in-the-water” reaction from members of Congress who will write the bill. “The president is required by law to submit a budget proposal. It is a suggestion and a wish list, but the budget of Congress sets the outline of spending for the coming year,” said a statement released Monday by the House and Senate budget committees. “We will work with our colleagues to make sure it is complete, on-time, and balanced within the next 10 years.”...
