“WASHINGTON—President Barack Obama proposed a $3.9 trillion budget package Tuesday peppered with new taxes on upper-income Americans and businesses, plus numerous spending initiatives aimed at bolstering education, research and low-income work programs.

“The president’s spending plan for the fiscal year that begins Oct. 1 doesn’t rest on new or lofty policy goals, reflecting a town hibernating from budget exhaustion and girding for midterm elections in November. Instead, it offers targeted and familiar proposals, including an overhaul of corporate taxes, which it says would boost job growth and make U.S. businesses more competitive.

“Even in the midst of recovery, too many Americans are working more than ever just to get by—let alone get ahead,” Mr. Obama wrote in a message to Congress that accompanied the budget. “And too many still are not working at all.”

“Many of the proposals are likely to meet a cool reception on Capitol Hill, where both parties are preparing for November elections that could change the balance of power on Capitol Hill.”

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