The Obama administration is due to officially present its budget plan for fiscal 2012 this morning. As the Associated Press writes, he's "sending Congress a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit savings over the next decade through spending cuts and tax increases."
It's also a blueprint, AP says, which "projects that the deficit for the current year will surge to an all-time high of $1.65 trillion. That reflects a sizable tax-cut agreement reached with Republicans in December. For 2012, the administration sees the imbalance declining to $1.1 trillion, giving the country a record four straight years of $1 trillion-plus deficits."
— "President Obama will roll out a $3.7 trillion budget blueprint Monday that would trim or terminate more than 200 federal programs next year and make key investments in education, transportation and research in a bid to boost the nation's economy and reduce record budget deficits." (The Washington Post)
— "President Obama, pivoting at midterm from costly economic stimulus measures to deficit reduction, on Monday released a fiscal year 2012 budget that projects an annual deficit of more than $1 trillion before government shortfalls decline to 'sustainable' levels for the rest of the decade." (The New York Times)
— "Long on tough choices, short on final answers, President Barack Obama's new 2012 budget goes to Congress on Monday in what many hope is only an opening bid before he and Republicans come to the table on a bipartisan deficit reduction plan." (Politico)
— "The White House projected Monday that the federal deficit would spike to $1.65 trillion in the current fiscal year, the largest dollar amount ever, adding pressure on Democrats and Republicans to tackle growing levels of debt. ... Mr. Obama is proposing $3.73 trillion in government spending in the next fiscal year, part of a plan that includes budget cuts and tax increases that administration officials believe will sharply bring down the federal deficit over 10 years." (The Wall Street Journal)
— "Let's be candid about President Obama's budget. It's pathetic. The country faces a worsening debt crisis and Obama has not come to play. He kissed off the crisis in his State of the Union address last month. And now his plan for spending over the next 10 years doesn't come close to dealing with the debt problem." (Fred Barnes at the conservative Weekly Standard.)
— "President Barack Obama, less than two months after signing tax cuts for the wealthiest Americans into law, is proposing a budget to congress that attacks programs that assist the working poor, help the needy heat their homes, expand access to graduate-level education and undermine that type of community-based organizations that gave the president his start in Chicago." (The liberal Huffington Post)
Frank, and various NPR correspondents, will be following the roll-out of the administration's budget play over at It's All Politics. The official debut is supposed to come at 8 a.m. ET.