Today, President Obama unveiled a sketch of his Administration's first budget. For FY 2009, the OMB estimates a $1.75 trillion deficit. During the FY 2009-2011 timeframe, the cumulative deficit will come to just over $3.8 trillion. The New York Times reported:
http://www.nytimes.com/2009/02/27/us...pagewanted=allPresident Obama’s new budget blueprint estimates a stunning deficit of $1.75 trillion for the current fiscal year, which began five months ago, then lays out a wrenching change of course as he seeks to fund his own priorities while stanching the flow of red ink.
By redirecting enormous streams of deficit spending toward programs like health care, education and energy, and paying for some of it through taxes on the rich, pollution surcharges, and cuts in such inviolable programs as farm subsidies, the $3.55 trillion spending plan Mr. Obama is undertaking signals a radical change of course that Congress has yet to endorse.
For those who are interested, one can find President Obama's speech and his budget sketch at the following links:
Speech: The White House - Press Office - Remarks by the President on the Fiscal Year 2010 Budget
Budget Sketch: http://www.whitehouse.gov/omb/assets...nsibility2.pdf