Obama Unveils 2011 Budget, $1.3 Trillion To Be Added To Deficit

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Obama unveils 2011 budget, $1.3 trillion to be added to deficitOn Monday, President Obama sent his $3.8 trillion budget to Congress for fiscal year 2011, a plan that will add $1.3 trillion to the already ballooning deficit.

The proposal includes spending approximately $100 billion on a job creation plan that will help supplement the $862 billion economic stimulus package that was approved last year. Other additions to federal spending include a $20 billion increase in education funding and a tax credit for small businesses that create jobs.

"The definition of insanity is doing the wrong thing over and over again and expecting change," said Senator Judd Gregg (R-NH.), quoted by Time Magazine. "Eight years out the president is projecting a trillion dollar deficit…that’s not acceptable."

Officials with the administration have stated that they will reduce the deficit in coming years by freezing discretionary government spending, imposing new fees on banks and allowing tax cuts on families making more than $250,000 to expire. Obama has also targeted 120 programs for termination or reduction, a plan that would save $20 billion if passed by Congress.

According to White House estimates, the budget’s deficit would fall to $700 billion in fiscal year 2013, although uncertainty surrounding Obama’s proposed healthcare bill leaves many questions still to be answered regarding future federal spending.
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