President Barack Obama has proposed a $3.8 trillion budget that includes a record-high deficit of $1.56 trillion as well as a $100 billion program to create jobs. The spending to create employment includes 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 relies 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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