Obama's budget proposal, which he will submit to Congress on Monday, will project a much smaller deficit in 2013 compared with this year, White House officials said on Friday.
"The budget targets scarce federal resources to the areas critical to growing the economy and restoring middle class security," the White House said in a statement, echoing Obama's recent messages on the campaign trail.
The budget will include a multi-year request for over $800 billion for job creation programs and spending on roads and other surface infrastructure, including over $300 billion that could be felt starting this year in tax breaks and other steps to spur hiring.
The president will repeat a call for millionaires to pay a minimum tax rate of 30 percent, named after billionaire investor Warren Buffett, and identify $4 trillion in deficit reducing steps over 10 years that echo plans he laid out in September.
The budget will also propose raising $1.5 trillion over a decade via higher taxes, with around half coming from allowing tax breaks for families earning more than $250,000 a year to expire at the end of 2012 - a longstanding Obama goal.
Breaking down the job and infrastructure spending, the budget would earmark $476 billion for roads and transportation upgrades over six years, and $350 billion for job creation.
A senior administration official said that, as much as possible, the money directly aimed at jobs would be funneled into the economy this year to kick start job creation.
Sources:
Reuters
Reuters
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