Obama Budget Misses Deficit Goal

The proposed 2013 budget offered by President Obama will forecast a $901 billion deficit for the next year. The President misses his goal of cutting the budget in half within four years.

The White House released an outline of the budget late this evening and it shows a higher deficit than in 2011 up from $1.3 trillion to $1.33 trillion.

In the outline, the budget has the following:

• $350 billion in new investments for Obama's jobs plan
• $360 billion in cuts in Medicare, Medicaid and other health programs over 10 years
• $500 billion in cuts in defense