Photo: AP Photo/Keith Srakocic
Obama is releasing a $3.8 trillion budget plan, and projecting $4 trillion in deficit cuts over the next decade. The budget is going live on the OMB website in any minute now.
Obama is rolling it out with a speech in Annandale, Virginia this morning, attacking Republicans for not being willing to raise taxes on the most wealthy.
Obama said he is “proposing difficult cuts” that were absolutely necessary.
We’ll keep updating with details below as we comb through it.
Some of the top projections:
The budget and its projections assume a robust economy in the next presidential term. It assumes 2.8% GDP growth in 2012, increasing to 3% in 2012, 3.6% in 2013 and 4.1% in 2015. And then slowing back down to 2.5% in 2020.
By contrast the CBO assumes just 1% growth in 2013.
The deficits in this budget are massive too. Obama’s budget team is projecting deficits $3.6 trillion higher over the next decade than in the Congressional Budget Office’s baseline projection. And get ready for national debt of $25.9 trillion by 2022.
The budget continuously mentions Europe’s ongoing crisis as the biggest potential risk to U.S. economic growth.
And: Two Budget Cut That Will Have Newt Gingrich Furious (Hint: Space)
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