Obama's $3.8 Trillion Budget Heading to Congress

By: The Associated Press Email
By: The Associated Press Email

WASHINGTON (AP) - A congressional official says the Obama administration's new budget pegs the national deficit in the current fiscal year at a record of $1.6 trillion and that the deficit number for the 2011 fiscal year is $1.3 trillion.

In addition, the official said Sunday, deficits over the next decade will average 4.5 percent of the size of the economy, a level which
economists say is dangerously high if not addressed.

The official spoke on condition of anonymity because the official was not authorized to discuss the budget before its public release.

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