WASHINGTON (AP) - President Barack Obama is projecting that the
government's deficit for this year will soar to $1.75 trillion. The
red ink reflects what Obama wants to borrow from future generations
to help pull the nation out of a deep recession and a severe
An administration official tells The Associated Press that
Obama's spending blueprint also asks Congress to raise taxes on the
wealthy in 2011 and cut Medicare costs to provide health care for
the uninsured. The president also wants Congress to extend beyond
next year the $400 annual tax cut due to start showing up in
workers' paychecks in April.
His budget says cutting subsidies to wealthy farms and raising
taxes on hedge fund managers and other upper-income Americans can
help reduce the deficit to $533 billion by 2013.