Obama's 2012 Budget Blueprint

President Barack Obama on February 14, 2011 sent Congress a $3.73 trillion budget proposal for the Fiscal 2012 that would freeze spending for five years. The budget projects a record deficit of $1.65 trillion for Fiscal 2011, surpassing the existing record of $1.41 trillion for Fiscal 2009, that would represent 10.8 percent of total economy, highest since 1945 when heavy borrowing to fight World War II helped fuel the deficit to 21.5 percent of the economy. Obama's budget also projects the national debt, currently at the level of $14 trillion, to hit $16.7 trillion by Sept 30, 2012. Other salient features of Obama's 2012 Fiscal blueprint includes: * Projected Deficit for Fiscal 2012: $1.1 trillion * Projected Reduction of Deficits over the next decade: $1.1 trillion