President Barack Obama sent Congress a record $4 trillion budget Monday -- his administration's blueprint for the 2016 fiscal year, beginning Oct. 1. It's a 6.4% increase over estimated spending in 2015.
To pay for it, there'll be a total $2 trillion in tax increases, including $320 billion from the wealthiest Americans and corporations. The White House projects that the deficit will decline to $474 billion.
The budget proposes to raise $95 billion over the next decade by increasing the tax on cigarettes from $1.01 per pack to $1.95. Obama's budget also calls for a $60 billion program for free community college for an estimated 9 million students.
He wants to eliminate the budget caps from 2011 called "sequestration," boosting military and domestic spending by $74 billion in 2016. The administration says the budget represents a strategy to strengthen the middle class.