Obama on $3.8 Trillion Budget: 'We Won't Be Able to Bring Down This Deficit Overnight'

Fox News: President Obama sent Congress a $3.8 trillion budget Monday for fiscal year 2011, pushing a plan that includes new jobs-creation programs but is projected to add nearly $1.3 trillion in deficit spending on top of the current year’s projected $1.6 trillion deficit.



According to the plan, the 2011 deficit of $1.267 trillion would fund nearly the entirety of the year’s discretionary spending, which is $1.415 trillion or 37 percent of the government’s total outlays. Mandatory spending on items such as entitlements and interest payments make up the rest.