WASHINGTON – President Obama's proposed 2015 budget would increase taxes by $1.4 trillion over the next decade compared with current law, the budget agency said Thursday.

In a fresh analysis of the White House budget plan for the fiscal year starting Oct. 1, the Congressional Budget Office said the proposal would result in a $446 billion spending increase for the 10 years ending in 2024.

The agency projected that under the plan, the U.S. budget deficit would increase over a three-year period and then decline from 2017 to 2024, when compared with spending forecast under current law. The deficit would rise about $1 trillion less over 10 years than under current law, CBO projected. Spending would outstrip revenue by about $500 billion from 2014-2015 and rise to $700 billion to $800 billion by 2024.

There's little chance of Congress adopting Obama's budget plan this year, as the House, Senate and Obama have agreed to a deal on top-line spending for the next fiscal year. House Republicans adopted their own plan that cuts spending further, eschews tax increases and attempts to balance the budget in 10 years.

Obama's proposed budget includes several measures Congress is considering separately, such as a revision of U.S. immigration law. Obama proposes spending increases of $433 billion over 10 years in the so-called discretionary portion of the budget, such as education, clean energy programs or public works, which accounts for about 30 percent of the budget.

Bloomberg News