Obama: ‘We can afford’ $74B spending increase

Despite a national debt over $18 trillion, President Obama said Saturday the nation can afford the major spending increases he’ll put forward in his fiscal year 2016 budget, due out Monday.

In his weekly address, Mr. Obama made the case that the federal government has the money to invest in infrastructure, education and other priorities because of shrinking deficits, though he also is calling for tax hikes on the wealthy to fund his desired $74 billion increase in spending. His budget also would undo the automatic cuts known as sequestration,...