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Obama unveils record $3.8 trillion budget

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Obama unveils record $3.8 trillion budget

By Richard Wolf, USA TODAY

WASHINGTON — President Obama sent Congress on Monday a record $3.8 trillion budget for 2011 that would boost war spending, trim some domestic spending and rely on $1.3 trillion in new borrowing. The budget would be the third in a row with a deficit of more than $1 trillion, following this year's record $1.6 trillion, a figure the White House increased in its budget. The red ink would be cut in half by 2014, mostly by allowing tax cuts on families making more than $250,000 to expire in 2011.

A year after proposing major increases for health care, energy and education, Obama is putting almost $30 billion more into the wars in Afghanistan and Iraq, boosting homeland security and international spending, and proposing a three-year freeze on some domestic spending.

Read more: http://www.usatoday.com/news/washington/20...ma_N.htm?csp=hf

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