Obama Budget Sees Lower Growth But Housing, Autos 'Resurgent'

It's all about the children... President Obama has just proposed a budget with a clear message from what we can tell:

• *OBAMA BUDGET SEEKS TO TAX CARRIED INTEREST AS ORDINARY INCOME
• *OBAMA BUDGET IMPOSES MARK-TO-MARKET TAXATION ON DERIVATIVES
• *OBAMA BUDGET CAPS DEDUCTIONS FOR TOP EARNERS, RAISES ESTATE TAX

and while the budget lowers growth expectations for the US notably (from 2.7% to 2.3% for 2013, and from 3.5% to 3.2% in 2014), it assumes:

• *U.S. BUDGET SAYS HOUSING RECOVERING, AUTOS `AGAIN RESURGENT', and so,
• *OBAMA BUDGET SEES $51 BILLION GAIN FROM FANNIE MAE, FREDDIE MAC

For the first time since 2000, the budget plans to collect 20% of GDP as revenue (compared to 16.9% this year). Winners and losers are...

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