President Barack Obama’s 2011 budget is expected to come in at $3.8 trillion with a projected deficit of $1.6 trillion. Last year’s deficit was pegged at $1.4 trillion with total debt now exceeding $12 trillion.
The upcoming budget – which must be approved by Congress prior to the October 1st implementation date – has factored in a reduction in tax revenue based on unemployment of 10 percent and will also include a series of initiatives to cap spending on several domestic programs.
Source: BBC News