Link for complete budget below which includes $4 trillion in spending cuts and $1.5 trillion in tax increases over the next ten years.
"The president released his proposed budget for fiscal year 2012 which starts Oct. 1, elements of which he has teased us publicly with for weeks.Meanwhile, Republicans did what the opposition party always does, which is bash the White House occupant's budget for the allegedly wrongheaded manner in which it addresses the nation's most pressing concerns.
With a Maryland middle school serving as a photo op for the president's argument that the nation needs to make in investments in education and other priorities while it attacks the deficit, Obama said his new budget accomplished as much:
These investments are an essential part of the budget my administration is sending to Congress. Because I'm convinced that if we out-build and out-innovate and out-educate, as well as out-hustle the rest of the world, the jobs and industries of our time will take root here in the United States. Our people will prosper and our country will succeed.
But I'm also convinced that the only way we can make these investments in our future is if our government starts living within its means, if we start taking responsibility for our deficits.
That's why, when I was sworn in as President, I pledged to cut the deficit in half by the end of my first term. The budget I'm proposing today meets that pledge -– and puts us on a path to pay for what we spend by the middle of the decade. We do this in part by eliminating waste and cutting whatever spending we can do without."
Obama Makes New Budget Sales Pitch; GOP Strikes Back : It's All Politics : NPR