New Obama Budget

WASHINGTON -- President Obama submitted a multi-trillion dollar budget to Congress today that included funding for a government-led fight against unemployment and a tax hike on the wealthy. The total budget cost would be 3.83 trillion dollars and raise the federal deficit to a record $1.56 trillion this year, topping the current figure of $1.41 trillion.

A key component of the proposal is a three-year spending freeze on a large number of government programs beginning in 2011. The freeze would not affect homeland security and military programs.

Obama also proposed a $100 billion jobs measure, including tax breaks to businesses that are hiring as well as increased government spending on infrastructure and energy projects. Obama had previously outlined this measure in his State of the Union address last Wednesday.

Tax increases for those making above $250,000 per year and for energy producers also appear in Obama's proposal.

Republicans have criticized the tax hikes and the deficit increase, saying it proves the Obama administration cannot get government spending under control.

The Obama administration defended its proposal in a statement released with the budget, saying
"Having steered the economy back from the brink of a depression, the administration is committed to moving the nation from a recession to recovery by sparking job creation to get millions of Americans back to work."

Click on the following link for a light-hearted look at what a trillion dollar really means.

http://www.youtube.com/watch?v=at3MNu8BRwQ