Finweek English Edition - - IN BRIEF -

The amount, rep­re­sent­ing R46tr, is the size of Pres­i­dent Barack Obama’s bud­get pro­posal for 2016 that was sent to Congress on 2 Fe­bru­ary. The bud­get seeks to raise taxes on wealth­ier Amer­i­cans and cor­po­ra­tions, and in­crease do­mes­tic spend­ing, Sky News re­ported. It pre­dicts a $474bn (R5.4tr) deficit, or 2.5% of US GDP. SA’s bud­get is set to be un­veiled on 26 Fe­bru­ary. Spend­ing of R1.3tr and a deficit of 5.2% of GDP for the 2016 fis­cal year was es­ti­mated in the medi­umterm bud­get pol­icy state­ment (MTBPS) in Oc­to­ber.

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