Obama Unveils $3.83 Trillion Budget, With Massive Deficit President Obama is officially unveiling today a $3.83 trillion federal budget, which would combine spending to deal with unemployment with a freeze on various government programs, and higher taxes on the wealthy by letting the Bush tax cuts of 2001 and 2003 expire on families making more than $250,000 per year. The projected deficit would be a $1.56 trillion, due to both high government spending and a decline in revenues because of the bad economy.
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