February 1st, 2010
11:24 AM ET

Obama unveils $3.8 trillion budget

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/POLITICS/03/19/geithner.qanda/art.geithnerobama.gi.jpg caption="The Obama administration revealed a $3.8 trillion budget for 2011 on Monday. To his left, Treasury Secretary Tim Geithner."]

Jennifer Liberto
CNN Money Senior writer

President Obama revealed a $3.8 trillion budget for 2011 on Monday that tries to balance two competing goals: continued government spending to boost the fragile economic recovery and controlling the nation's deficit.

"We simply cannot continue to spend as if deficts don't have consequences, as if waste doesn't matter," Obama said at a White House presentation. "It's time to save what we can, spend what we must and live within our means once again."

The budget calls for $53 billion in tax cuts and $50 billion job-creating measures, including small-business tax cuts, as well as new investments in green technology and infrastructure programs for work on roads and bridges.

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Filed under: Economy • President Barack Obama
soundoff (2 Responses)
  1. Tim Gibson

    2009 reruns already.

    February 1, 2010 at 12:49 pm |
  2. Conserve' for USA

    This has got to be the most idiotic thing I have ever heard. The government is sitting here and telling us they have to spend to save our country. Let's see them give back the half of the stimulis bill that isn't spent yet. Let's see them use this money for the budget.

    February 1, 2010 at 11:58 am |