Feb 1, 2010 9:17 AM by Associated Press

Obama unveils $3.83T budget with massive deficits

President Barack Obama has sent Congress a $3.83 trillion budget that would pour more money into the fight against unemployment and try to reduce a projected record deficit this year. The plan would boost taxes on the wealthy and freeze spending for a wide swath of government programs.

The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year's then unprecedented $1.41 trillion gap. The deficit would remain above $1 trillion in 2011.

Obama proposes a three-year budget freeze on a variety of programs outside of the military and homeland security as well as increasing taxes on energy producers and families making more than

Echoing the pledge in his State of the Union address, Obama proposed a $100 billion jobs measure that would provide tax breaks to encourage businesses to boost hiring. He would also increase
government spending on infrastructure and energy projects.




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