Obama's $3.8 trillion budget heading to Congress - KAIT Jonesboro, AR - Region 8 News, weather, sports

Obama's $3.8 trillion budget heading to Congress

WASHINGTON (AP) - It could be a record-breaker when President
Barack Obama proposes his 2011 budget, but the record has
economists expressing concern.

A congressional official who had access to a White House summary
document says the $3.8 trillion budget Obama is expected to release
today predicts the national deficit will be a record-breaking $1.6
trillion. Then it'll start to recede in 2011 to just below $1.3
trillion.

The administration's new budget says over the next decade
deficits will average 4.5 percent of the size of the economy.
That's a level that economists say is dangerously high if not
addressed.

The information also mentions an additional $100 billion to
attack high unemployment.

The budget also would provide billions of dollars to pull the
country out of the Great Recession, would increase taxes on the
wealthy and impose a spending freeze on many government programs.

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