Obama Budget

WASHINGTON (AP) - President Barack Obama is sending Congress a
budget that would boost taxes on the wealthy and slash Medicare to
make way for a $634 billion down payment on universal health care.
Obama's first budget predicts the deficit for this year will
soar to a whopping $1.75 trillion, reflecting spending to pull the
nation out of recession. The numbers come from administration
officials who spoke on condition of anonymity before the budget is
publicly unveiled Thursday.
As part of the effort to end the financial crisis, the
administration will propose boosting the budget deficit by $250
billion this year. As much as $750 billion more could be spent
under the government's financial rescue program. That would more
than double the $700 billion bailout effort.

(Copyright 2009 by The Associated Press. All Rights Reserved.)