Obama Budget Sent to Capitol Hill

Bloomberg - President Barack Obama sent Congress a $3.7 trillion budget that projects the federal deficit will exceed $1 trillion for the fourth consecutive year in 2012 before falling to more “sustainable” levels by the middle of the decade. The deficit for the current fiscal year is forecast to hit a record $1.6 trillion -- 10.9 percent of gross domestic product -- up from the $1.4 trillion the administration estimated previously. It would be $1.1 trillion in 2012, 7 percent of GDP. By 2015 it would decline to $607 billion, or 3.2 percent of GDP. The president’s budget plan would reduce federal shortfalls by $1.1 trillion over a decade through spending cuts in areas ranging from heating subsidies for the poor to grants for airports and water-treatment plants, and revenue increases including letting taxes rise for married couples with more than $250,000 in annual income and ending some tax breaks for oil, gas and coal companies. Read full story here:

Obama Budget Sent to Capitol Hill