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BUDGET Proposed Budget Has $1.33T Deficit Jim Watson, AFP / Getty Images

Proposed Budget Has $1.33T Deficit

President Obama’s budget request, which he will send to Congress on Monday, will project a $1.33 trillion deficit and hundreds of billions for infrastructure, according to news sources that have seen drafts of the request. Some $350 billion for short-term job measures are built into the budget, as well as a $476 billion roads proposal, and $360 billion for health care. The budget also calls for an end to tax cuts that favor families whose annual incomes top $250,000. Ending these cuts would generate $1.5 trillion in new revenue, the administration says, but the taxes, like many other parts of the president’s proposed budget, have already been rejected by leading Republicans.

February 10, 2012 3:19 PM