washington u.s. president barack obama fiscal 2017 budget would produce 6.9 trillion deficits next decade enact 2.4 trillion less current tax spend laws congressional forecasters say tuesday congressional budget office say new analysis however 10-year deficit estimate 776 billion high administration forecast largely result low revenues result cbo projections slow economic growth low wage salary growth low revenue gain associate obama tax proposals obama budget call limit tax deductions high-income taxpayers increase capital gain tax impose minimum tax foreign income 10-a-barrel oil tax cbo estimate 2.8 trillion revenue gain fiscal 2026 would also partly come enactment immigration reform estimate result 386 billion new revenue decade obama budget plan chance pass republican-controlled congress house senate work budget resolutions expect adhere spend limit agree two-year budget deal largely negotiate last year former house speaker john boehner white house republican conservatives however call low spend level government agencies save elsewhere budget nonpartisan cbo say spend outlays would also high obama budget 400 billion 10-year period current laws near term agency say deficit obama budget fiscal 2017 would 433 billion versus 550 billion current law 2018 deficit would fall 383 billion 1.9 percent gross domestic product steadily climb 972 billion 3.5 percent gdp 2026 cost associate age baby boomers mount decade cbo say cumulative 10-year deficit would percent versus percent change law many economists say deficits percent gdp consider sustainable debt hold public 2026 would 77.4 percent gdp obama budget versus current trajectory 85.6 percent high tax obama 's budget would cut deficits cbo