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President Obama is set to ask Congress to blow past a spending limit he agreed to several years ago, Bloomberg reports. Obama will ask for as much as $68 billion more than the current budget limits for the 2016 fiscal year. (About half of it would go to defense programs.) That amounts to a 7 percent increase over discretionary-spending levels set into law by the "sequestration" of 2011. It's certain to provoke a fight with the new Republican Congress, though the federal budget deficit hit the lowest level since 2007 this year.