The report says annual budget gaps would fall slowly to $399 billion in 2017 before gradually rising again.
The budget office says that of the overall savings Obama proposes, $974 billion would come from higher revenues and $172 billion from spending cuts.
Overall, the budget office says Obama's budget would produce $5.2 trillion in red ink through 2023. But that is $1.1 trillion less than the deficits that would be generated over that time if no tax or spending laws are changed.
Copyright 2013 The Associated Press.