U.S. President Barack Obama has planned 3.9 trillion U.S. dollars of budget for the 2015 fiscal year, which will be used to fund infrastructure upgrading, education and other social programs, according to the budget plan posted on the website of the White House on Tuesday.
Obama has budgeted a deficit of 564 billion U.S. dollars for 2015, or 3.1 percent of the estimated Gross Domestic Product (GDP). Deficit in the next decade will stay between 400 billion dollars and 500 billion dollars. The deficit to GDP ratio will lower to 1. 6 percent by 2024.
In the new budget outlined for the fiscal year starting Oct. 1, Obama aims to invest in infrastructure, job training and pre- school, cut taxes for working Americans while closing tax loopholes enjoyed by the wealthy.
"The budget I sent Congress this morning lays out how we will implement this agenda in a balanced and responsible way. It is a roadmap for creating jobs with good wages and expanding opportunity for all Americans." Obama said during his visit to the Powell Elementary School in Washington, D.C..
"At a time when our deficits have been cut in half, it allows us to meet our obligations to future generations without leaving them a mountain of debt," he noted.