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Obama's Budget For Fiscal Year 2013 To Be Released

U.S. President Barack Obama
U.S. President Barack Obama's budget for 2013 is being released today.

The 2013 budget will propose public works spending while seeking tax increases on the wealthy and corporations to claim progress on the federal deficit.

The spending plan projects a deficit for this year of $1.3 trillion, the fourth straight year of $1 trillion-plus deficits.

Jacob Lew, the president's chief of staff, said the new budget would put the country on track to achieve $4 trillion in deficit reductions over the next 10 years.

Republicans on February 12 criticized the document for its proposals to increase spending in such areas as infrastructure and for its tax increases.
Compiled from agency reports