Highlights of Obama's $3.8 trillion budget (AP)

WASHINGTON ? Highlights of the budget that President Barack Obama sent to Congress on Monday:

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SPENDING: Obama proposes spending $3.8 trillion for the 2013 budget year, which begins Oct. 1, a slight 0.2 percent rise from expected spending for the current fiscal year.

DEFICITS: Obama's budget projects that the deficit for the current year will total $1.33 trillion, the fourth straight year of deficits over $1 trillion.

TAXES: The budget would raise $1.5 trillion in new taxes over the next decade, mainly by letting Bush-era tax cuts expire at the end of this year on families making more than $250,000 a year. Obama also recycled a past proposal to limit the deductions wealthy taxpayers can claim and certain tax breaks for corporations, including oil and gas companies. Obama would also raise money by imposing a rule named after investor Warren Buffett that would seek to ensure that wealthy people making more than $1 million a year pay at least 30 percent of their incomes in taxes.

JOB GROWTH: Obama is seeking more than $350 billion in measures to boost economic growth and job creation in the short term, including $50 billion in upfront investments for transportation projects, $30 billion to modernize at least 35,000 schools and $30 billion to help states hire teachers, police and first responders. Republicans, unhappy with past stimulus programs, blocked these proposals last year.

EDUCATION: The budget seeks $850 million for the administration's "Race to the Top" competition to provide grants to schools undertaking approved reforms and $8 billion to support efforts by community colleges to train 2 million workers in high-growth industries.

MILITARY: The Pentagon's overall spending would drop in 2013 as the military begins an effort to save about $260 billion over the next five years, in part by slashing the number of troops, ending the wars in Iraq and Afghanistan and making limited reductions in weapons systems.

HEALTH CARE: The administration seeks to slow the growth in Medicare and Medicaid by about $360 billion over the next decade, but the Obama budget avoids the radical overhaul that House Republicans are pushing and that deficit commissions have said will be needed to get control of the biggest driver of future deficits.

REACTION: Republicans, who oppose tax increases to deal with the deficit, criticized Obama's budget as offering recycled proposals that have been rejected in the past. They also charged that Obama is too timid in his proposals to get control of the growth in government benefit programs such as Medicare.

Source: http://us.rd.yahoo.com/dailynews/rss/obama/*http%3A//news.yahoo.com/s/ap/20120213/ap_on_go_pr_wh/us_obama_budget_glance

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