Obama's budget forecast revises growth downwards for 2014

The US budget unveiled by President Barack Obama today sees growth revised down from 3.5 per cent to 3.2 per cent for 2014. The budget has set out to replace the cuts put in place in the sequester, including $580bn of tax hikes in the next decade and cuts to social security of $230bn (as cost-of-living adjustments are now made with a chained measure of inflation, or CPI).