BUSINESS
02/13/2012 08:10 EST | Updated 04/14/2012 05:12 EDT

Obama unveils $3.8 trillion budget with $4 trillion in deficit cuts projected over decade

WASHINGTON - President Barack Obama unveiled a $3.8 trillion spending plan on Monday for 2013 that seeks to achieve $4 trillion in deficit reduction over the next decade but does little to restrain growth in the U.S. government's huge health benefit programs, a major cause of future deficits.

Obama's new budget was immediately attacked by opposition Republicans as a retread of previously rejected ideas. The budget battle is likely to be a major component of the autumn election campaign.

The president would achieve $1.5 trillion of the deficit reductions in tax increases on the wealthy and by removing certain corporate tax breaks. Obama rejected Republican charges of class warfare. In his budget message, he said, "This is not about class warfare. This is about the nation's welfare."