President Obama released a 2014 budget on Wednesday that would leave the nation with a $744 billion budget deficit despite new entitlement cuts and tax hikes.

The $1.058 trillion budget for fiscal year 2014 — which arrives on Capitol Hill about two months late — includes $3.77 trillion in total spending, including entitlements.

It would add $5.3 trillion in new deficit spending over ten years and increase spending in 2014 by $160 billion compared to current law.

The budget would turn off the automatic spending cuts known as the sequester and raise $580 billion in new tax revenue over ten years by limiting tax deductions for upper-income households.

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