President Obama Sends Budget to U.S. congress

President Barack Obama sent his budget to Congress Monday, seeking billions of dollars for job-creating infrastructure projects and higher taxes on the wealthy. The president’s proposed budget for fiscal year 2013, which is non-binding and must be negotiated by Congress, calls for a tax rate of 30 percent on millionaires and identifies $4 trillion in deficit reduction over 10 years. “We must transform our budget from one focused on speculating, spending, and borrowing to one constructed on the solid foundation of educating, innovating, and building,â€‌ the Obama administration said in a statement. The budget projects a deficit of $901 billion in 2013, or 5.5 percent of gross domestic product (GDP), down from $1.33 trillion, or 8.5 percent of GDP this year, the White House said.