WASHINGTON — President Barack Obama today will propose a 2011 federal budget that would spend $1.3 trillion more than the government takes in — then continue with deficits of more than $700 billion a year for at least a decade. He promised an independent commission would step in later.
His plan would spend $3.8 trillion in the federal fiscal year beginning Oct. 1, a 3 percent increase over the current year. The budget foresees the government taking in $2.6 trillion in taxes and other revenue, an 18 percent jump as the deep recession ends and a growing economy presumably boosts income
Full story: Obama budget foresees deficits for a decade | Deseret News