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Obama unveils $3.8 trillion budget with $4 trillion in deficit cuts projected over decade

By The Associated Press  | February 13, 2012
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In this photo released by CBS News White house Chief of Staff Jacob Lew talks on CBS's Face the Nation in Washington Sunday, Feb. 12, 2012. Lew, who appeared on various Sunday shows, said the new budget would put the country on track to achieve $4 trillion in deficit reductions over the next 10 years, achieved by raising taxes on the wealthy and trimming government spending. The president's budget would cut spending by $2.50 for every $1 it raises in new taxes.
In this photo released by CBS News White house Chief of Staff Jacob Lew talks on CBS's Face the Nation in Washington Sunday, Feb. 12, 2012. Lew, who appeared on various Sunday shows, said the new budget would put the country on track to achieve $4 trillion in deficit reductions over the next 10 years, achieved by raising taxes on the wealthy and trimming government spending. The president's budget would cut spending by $2.50 for every $1 it raises in new taxes. "In the long run, we need to get the deficit under control in a way that builds the economy," he said. "We do it in a way that's consistent with American values so that everyone pays a fair share." (AP Photo/CBS News, Chris Usher)

WASHINGTON - President Barack Obama unveiled a $3.8 trillion spending plan on Monday for 2013 that seeks to achieve $4 trillion in deficit reduction over the next decade but does little to restrain growth in the U.S. government's huge health benefit programs, a major cause of future deficits.

Obama's new budget was immediately attacked by opposition Republicans as a retread of previously rejected ideas. The budget battle is likely to be a major component of the autumn election campaign.

The president would achieve $1.5 trillion of the deficit reductions in tax increases on the wealthy and by removing certain corporate tax breaks. Obama rejected Republican charges of class warfare. In his budget message, he said, "This is not about class warfare. This is about the nation's welfare."

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