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What President Obama's budget means for your wallet

Stacks of the President's Fiscal Year 2017 Budget sit in the House Budget Committee Room in the Cannon House Office Building on February 9, 2016 in Washington.

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Depending on your circumstances, President Obama's final proposed budget of his presidency could help you save more for retirement, cut the price of college or trigger a bigger bill come tax time.

At least, in theory.

The president sent his $4.15 trillion package for fiscal year 2017 to Congress on Tuesday. The proposal would raise spending by 4.9 percent, primarily through increases to mandatory programs, including Social Security (with $967 billion requested for 2017), Medicare ($602 billion) and Medicaid ($377 billion).

It's uncertain how many of the discretionary budget ideas will ever materialize.

Many are issues and ideas that President Obama has previously brought up (unsuccessfully) in earlier budgets and other initiatives. Even before the budget was released, House and Senate Budget committees announced they would not invite the Office of Management and Budget director to review the president's budget.

"In the days to come, House Republicans will be offering a clear alternative to the president's stale, big government policies," House Budget Committee Chairman Tom Price later said in a statement.

As proposed, however, here are 11 ways the president's budget would affect your wallet.

— By CNBC's Kelli B. Grant
Posted 11 February 2016

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