Introducing The President's $3.8 Trillion Budget

The Budget thus institutes a three-year non-security discretionary freeze that will save $250 billion over the next decade. We're not putting forward an across-the-board freeze, but rather an overall cap on non-security discretionary funding in which key investments are expanded but we cut back on programs that are ineffective, duplicative, or just wasteful. As part of that overall effort, we identified more than 120 programs across the government that should be terminated or reduced - generating $20 billion in savings.

At the same time, we are making critical investments in the areas critical to building a strong economy in the 21st century. That is why we increase funding at the Department of Education by $2.9 billion or 6.2 percent, make the largest proposed request for Elementary and Secondary Education Act programs while reforming it to be more effective, and provide more money for Pell grants and Race to the Top.

To build a more modern infrastructure, the Budget establishes a new $4 billion National Infrastructure Innovation & Finance Fund to focus on infrastructure investments of national and regional significance.

To help put the nation at the top of the pack when it comes to the new clean energy economy, the Budget includes more than $6 billion in funding for clean energy technologies while also eliminating existing fossil fuel subsidies. And to continue our country's proud, innovative history, the Budget invests $61.6 billion for civilian research and development - an increase of $3.7 billion, or 6.4 percent, over 2010 levels.

As we focus our efforts on spurring job creation and jumpstarting economic growth, we also have to change business as usual in Washington and restore fiscal responsibility. Because of the irresponsibility of the past decade, we've seen a projected 10-year surplus of over $5 trillion at the end of the Clinton administration turn into a projected 10-year deficit of over $8 trillion the day President Obama took office.