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.