WASHINGTON (REUTERS) - President Barack Obama's fiscal 2015 budget aims to keep alive hopes for major deficit reduction by claiming that proposed tax hikes and spending proposals, coupled with previous actions, will lead to US$5.3 trillion (S$6.7 billion) in budget savings over 10 years.

The budget request, most of which will be ignored by Congress, proposes savings of about US$1.4 trillion over the 2015-2024 period from healthcare savings, closure of tax breaks for millionaires, and immigration reform.