Obama's budget will seek $100 billion for jobs, would set deficit record

President Barack Obama is expected to propose a $3.8 trillion budget that would include a record-high deficit of $1.6 trillion as well as a $100 billion program to create jobs, Obama administration and congressional sources said. The spending to create employment would include tax cuts for small businesses, financial assistance for state and local governments, and extra money for social programs. To bring the budget deficit under control, Obama would rely on proposals including a freeze on domestic programs, taxes on big banks and the expiration of tax cuts for families with an income of more than $250,000 a year.

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