UPDATE 1-Rubio says spending cuts must accompany tax overhaul

U.S. Senator Marco Rubio, a likely Republican presidential candidate in 2016, on Wednesday unveiled a plan to reduce taxes for multinational corporations and parents, but it would widen federal budget deficits without cuts to popular health and retirement programs. The Florida senator's tax plan, introduced with Utah Republican Senator Mike Lee, would close loopholes and simplify the U.S. tax code, introduce new deductions for parents.

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