Obama's $3.8 trillion budget heading to CongressSubmitted by meekandmild on Sun, 01/31/2010 - 20:47
WASHINGTON – President Barack Obama's proposed budget predicts the national deficit will crest at a record-breaking almost $1.6 trillion in the current fiscal year, then start to recede in 2011 to just below $1.3 trillion.
Still, the administration's new budget to be released Monday says deficits over the next decade will average 4.5 percent of the size of the economy, a level that economists say is dangerously high if not addressed.
A congressional official provided the information, which comes from a White House summary document circulating freely on Capitol Hill and among Washington's lobbyists. The official spoke on condition of anonymity because the spending proposal is not supposed to be made public until tomorrow.