OBAMA UNVEILS $3.73 TRILLION BUDGET FOR 2012

President Barack Obama is sending parliament a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit investments over the next decade through spending cuts and tax increases.

Obama's new budget projects that the deficit for the current year will surge to an all-time high of $1.65 trillion. That reflects a sizable tax-cut agreement reach with Republicans in December. For 2012, the management sees the imbalance declining to $1.1 trillion, giving the country a documentation four straight years of $1 trillion-plus deficits.

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