Obama unveils $3.73 trillion budget for 2012

Subject: Obama unveils $3.73 trillion budget for 2012 Mon Feb 14, 2011 6:59 pm

President Barack Obama sent Congress a $3.73 trillion budget Monday that holds out the prospect of eventually bringing deficits under control through spending cuts and tax increases. But the fiscal blueprint largely ignores his own deficit commission's view that the nation is imperiled unless huge entitlement programs like Social Security and Medicare are slashed.

Obama called his new budget one of "tough choices and sacrifices," but most of those cuts would be held off until after the end of his first term.

Read the full budget (.pdf)

Overall, Obama proposed trimming the deficits by $1.1 trillion over a decade. The administration is projecting that the deficit will hit an all-time high of $1.65 trillion this year and then drop sharply to $1.1 trillion in 2012, with an expected improvement in the economy and as reductions in Social Security withholding and business taxes expire.

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Obama unveils $3.73 trillion budget for 2012

Obama unveils $3.73 trillion budget for 2012

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