President's $3.8 Trillion Budget Heading To Congress

It could be a record-breaker when President Barack Obama proposes his 2011 budget, but the record has economists expressing concern.

A congressional official who had access to a White House summary document says the $3.8 trillion budget Obama is expected to release today predicts the national deficit will be a record-breaking $1.6 trillion in 2010. Then it'll start to recede in 2011 to just below $1.3 trillion.

The administration's new budget says over the next decade deficits will average 4.5 percent of the size of the economy. That's a level that economists say is dangerously high if not addressed. The information also mentions an additional $100 billion to attack high unemployment.

The budget also would provide billions of dollars to pull the country out of the Great Recession, would increase taxes on the wealthy and impose a spending freeze on many government programs.

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