In this White House White Board, Jack Lew, Director of the Office of Management and Budget, explains how the President's Budget will help then government live within its means, while still investing in America's future.
Look for much more detail here at WhiteHouse.gov Monday afternoon.
According to the Huffington Post, the presidnet's budget will bring bad news to the working poor, the middle class and graduate students.
The president is proposing a budget to congress that attacks programs that assist the working poor, help the needy heat their homes, expand access to graduate-level education and undermine community-based organizations.
Obama's new budget puts forward a plan to achieve $1.1 trillion in deficit reductions over the next decade.
Those reductions, about $100 billion each year, are achieved mainly by squeezing social programs.
A deal struck to extend the Bush tax cuts for just two years, meanwhile, increased the deficit by $858 billion dollars. More than $500 billion of that constituted tax cuts, with billions more funding business tax breaks and a reduction in the estate tax.
Roughly $56 billion went to reauthorize emergency unemployment benefits.
The Estate Tax cut let 50,000 more millionaires and billionaires off the hook for this tax. The Estate Tax was passed during the administration of Theodore Roosevelt in 1915.
The president's budget was expected to mostly target "non-defense discretionary spending." This makes up less than one-quarter of the overall budget.
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