US President Barack Obama today unveiled a fiscal 2010 budget proposal of $3.606 trillion, a decline from the current year's total of $3.724 trillion.
The budget outline calls for a deficit of $1.171 trillion for fiscal 2010, following a projected $1.750 trillion in the current year ending September 30.
President Obama said his new 2010 budget was an 'honest' accounting of the US economic situation, but warned that 'hard choices' on spending lay ahead.
The budget, which outlines spending plans, calls for an aggressive effort to fix the US economy and its health care system.
Obama has asked for $250 billion to be set aside if needed to bail out the US financial industry, on top of the $700 billion already committed to the effort.
The projected spending would also include around $200 billion to fight wars in Iraq and Afghanistan over the next 18 months, and a huge $634 billion, 10-year fund to pay for health care reforms, a key plank of Obama's election campaign.
