WASHINGTON — President Obama has sent draft legislation to the congressional deficit reduction committee that would have the potential to further limit the value of tax-exempt interest for higher-income taxpayers below the 28% level proposed in his jobs bill.

The 284-page Debt Reduction Act of 2011, which nonprofit publisher Tax Analysts released this week saying it was a draft circulating among lobbyists, would require the Office of Management and Budget to establish steadily declining annual ratios for debt as a percentage of gross domestic product beginning with fiscal 2013.

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