Obama Releases Federal Budget for 2011

By: AP
By: AP

WASHINGTON (AP) -- The budget submitted to Congress today by President Barack Obama talks of the tough choices needed to restrain runaway deficits. But it also includes spending aimed at lifting the country out of a recession that has cost more than 7 million jobs over the past two years.

In his budget message, Obama says, "Until America is back at work, my administration will not rest and this recovery will not be finished."

Obama's budget offers tax cuts for businesses, help for the unemployed, and $25 billion more for state governments. The temporary measures would boost the deficit over the next two years by $245 billion. The deficit for the current budget year is projected at $1.56 trillion, as the nation sees three straight years of deficits over a trillion dollars.

The plan includes a spending freeze on a wide range of programs. But Republicans aren't impressed by the deficit-cutting, saying it falls far short of what's needed. Judd Gregg, the top Republican on the Senate Budget Committee, says there needs to be a "bold, game-changing budget that will turn things around."

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