Obama's bottom line: $3.83 trillion
China Daily | Updated: 2010-02-02 07:52
Budget juggles stimulus with need to control rising national debt
WASHINGTON: President Barack Obama sent Congress a $3.83 trillion budget yesterday that would pour more money into the fight against high unemployment, 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 although the president proposed to institute 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.
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