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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/obama-reveals-huge-us-budget-cuts.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-reveals-huge-us-budget-cuts.jpg" alt="US President Barack Obama has unveiled his new 3.73 trillion dollar budget"/></a></p>
<p>President Barack Obama&#8217;s new budget has been unveiled as a 3.73 trillion dollar spending blueprint that pledges 1.1 trillion dollars in deficit savings over the next decade through spending cuts and tax increases.</p>
<p>It projects that the deficit for the current year will surge to an all-time high of 1.65 trillion dollars.</p>
<p>That reflects a sizeable tax-cut agreement reached with Republicans in December.</p>
<p>For 2012, the administration sees the imbalance declining to 1.1 trillion dollars, giving the country a record four straight years of 1 trillion dollar-plus deficits.</p>
<p>Senior administration officials said Mr Obama would achieve two-thirds of his projected savings through spending cuts that include a five-year freeze on many domestic programmes.</p>
<p>The other one-third of the savings would come from tax increases, including limits on tax deductions for high-income taxpayers.</p>
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