News - National
Obama unveils $3.83T budget with massive deficits
Posted: Feb 1, 2010 7:17 AM by Associated Press
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
$250,000.
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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