President Obama released his Fiscal Year 2011 Budget. Fiscal Year begins on October 1. The budget includes $3.8 trillion in spending and projects a $2.6 trillion in revenue for a projected budget deficit of $1.26 trillion. The federal deficit for FY 2010 is projected to be $1.56 trillion.

There is a lot of information to sift through but here are a few highlights:

1) Includes additional "Stimulus" spending in the form of "small business" tax credits.

2) The elimination of the Bush II - era upper income tax cuts.

3) The start of a spending "Freeze" (or "slushie" as Prof. Delong calls it) on non-security discretionary spending.