Obama sends Congress $3.8 trillion budget plan
President Barack Obama sent Congress a $3.8 trillion budget plan that hopes to tame galloping deficits by raising taxes on the wealthy and trimming America's most popular benefit programs.
It's unlikely that Congress will begin serious budget negotiations before summer, when the government once again will be confronted with the need to raise its borrowing limit, or face the prospect of a first-ever default on US debt. On Wednesday, the Treasury Department said the US deficit was on pace to finish below $1 trillion for the first time in five years. (AP)
