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Obama to offer tax breaks for poor in election year budget

Published on Mar 4, 2014 11:44 PM

WASHINGTON (REUTERS) - US President Barack Obama will propose new tax credits and job-training programs for US workers on Tuesday in a 2015 budget that highlights a competing vision with Republicans who favour a reduced government role in promoting economic opportunity.

The proposed budget for the 2015 fiscal year that begins on Oct 1 would also create automatic retirement accounts known as IRAs for some 13 million workers.

Although the blueprint has little chance of getting enacted, it codifies the president's policy priorities ahead of November congressional elections, in which Democrats hope to keep control of the US Senate and Republicans hope to expand their majority in the House of Representatives.

The budget signals a shift away from last year's emphasis on deficit cutting to a more pronounced focus on poverty reduction, a legacy-oriented goal the president is highlighting as he faces less than three years left in office.

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