Obama's $4 trillion budget foresees $474 billion deficit: New York Times

Reuters
U.S. President Barack Obama makes remarks highlighting investments to improve health and treat disease through precision medicine while in the East Room of the White House in Washington, January 30, 2015. REUTERS/Larry Downing

WASHINGTON (Reuters) - President Barack Obama will propose a $4 trillion budget for fiscal year 2016 on Monday that foresees a $474 billion deficit, which would represent a manageable 2.5 percent of U.S. Gross Domestic Product, the New York Times reported on Sunday. The budget envisions a $687 billion deficit by 2025, it said, while debt would grow every year and remain about 75 percent of GDP. The budget also includes $105 million for “trade adjustment assistance” to help workers who have been affected by free trade pacts, it said. (Reporting by Jeff Mason; Editing by Bill Trott)