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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/obama-budget-draws-up-battle-lines.jpg"><img class="alignnone size-full" title="US President Barack Obama has unveiled his new 3.73 trillion dollar budget" src="http://londonglossy.com/wp-content/uploads/2011/02/min-obama-budget-draws-up-battle-lines.jpg" alt="US President Barack Obama has unveiled his new 3.73 trillion dollar budget"/></a></p>
<p>US president Barack Obama has unveiled his 3.73 trillion dollar (£2.32 trillion) budget, the opening shot in a political battle with Republicans who believe it is too timid about reducing soaring US debt.</p>
<p>The president said that the proposed budget will allow him to keep his promise to cut the nation&#8217;s deficit by half at the end of his first term in office, which has two years to run.</p>
<p>Mr Obama said his spending plan for the fiscal year beginning in October will reduce federal spending as a percentage of gross domestic product &#8211; to its lowest since since Eisenhower was president in the 1950s.</p>
<p>The budget issue, always contentious, is more so in this spending cycle with the arrival of new Republicans backed by the low-tax, small-government tea party movement in the House of Representatives.</p>
<p>Republicans retook control of the House after November elections on the promise of cutting government outlays and reducing Washington&#8217;s impact on Americans&#8217; lives.</p>
<p>The spending outline that finally is adopted will be a result of hard negotiations between House Republicans and the Democratic White House, but proposals from each side display the great distance separating them as they begin haggling.</p>
<p>White House budget writers contend the budget plan for the year beginning October 1 puts America on course to reduce projected deficits by about 1.1 trillion dollars over the coming 10 years. The Obama plan represents a reduction of 2.4% from what the administration projects will be spent in the current budget year.</p>
<p>Regardless of the outcome &#8211; which at this point is an argument over spending priorities now as against outlays in the coming fiscal year &#8211; neither Republicans nor Democrats have had the courage to take on an overhaul of tax or reductions in defence and domestic spending or Medicare and social security, programmes that are a social safety net for older Americans.</p>
<p>That spending consumes roughly 80% of the total annual government outlay.</p>
<p>Mr Obama&#8217;s budget reveals no willingness to take the first step in the far-reaching deficit-reduction plan written in December by his fiscal commission. It recommended specific cuts to those politically sacrosanct programmes and tax changes that effectively would raise government revenues.</p>
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