(Bloomberg) -- President Obama will emphasize Democratic priorities in his next budget, dropping an offer to trim the growth of entitlement spending and proposing new tax limits for U.S.-based multi-national companies.

In an election-year spending blueprint to be sent to Congress March 4, Obama is leaving out a proposal to reduce cost-of-living adjustments for Social Security and other benefit programs, while adding $56 billion for domestic and defense programs and seeking more revenue through taxes. The budget seeks new limits on companies’ ability to take advantage of gaps between countries’ tax rules, administration officials said.

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