Obama unveils $3.83T budget with mother of all massive deficits

President Barack Obama sent Congress a $3.83 trillion budget on Monday
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.

Echoing the pledge in his State of the Union address to make job
creation his top priority, Obama put forward a budget that included a
$100 billion jobs measure that would provide tax breaks to encourage
businesses to boost hiring as well as increased government spending on
infrastructure and energy projects. He called for fast congressional
action to speed relief to millions left unemployed in the worst
recession since the 1930s.

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