Obama’s Budget: $1 Trillion
President Obama is poised to release his budget plan for next year, but don’t expect it to make many Americans happy — even though the White House tells ABC News that it will cut the deficit more than $1 trillion over the next decade.
Obama plans to use the savings from those cuts to pay for programs the White House believes will help stabilize the economy.
The budget will also include more money for high speed rail, new education programs and infrastructure improvements, including extending the Internet to rural areas.
That new spending is one reason Republicans may consider the president’s plan “dead on arrival.”
