WASHINGTON, March 4 (Xinhua) -- U.S. President Barack Obama unveiled a 3.9 trillion-dollar budget plan for the 2015 fiscal year, which will be used to fund infrastructure upgrading, education and other social programs.
Earlier, Obama has budgeted a deficit of 564 billion U.S. dollars for 2015, or 3.1 percent of the estimated Gross Domestic Product (GDP). Deficit in the next decade was estimated to stay between 400 billion dollars and 500 billion dollars, and the deficit to the GDP ratio will lower to 1.6 percent by 2024.
In the new budget outlined for the fiscal year starting Oct. 1, Obama aims to invest in infrastructure, job training and pre-school, and to cut taxes for working Americans while closing tax loopholes enjoyed by the wealthy.
"The budget I sent to Congress this morning lays out how we will implement this agenda in a balanced and responsible way. It is a roadmap for creating jobs with good wages and expanding opportunity for all Americans," Obama said during his visit to the Powell Elementary School in Washington, D.C..
"At a time when our deficits have been cut in half, it allows us to meet our obligations to future generations without leaving them a mountain of debt," he noted.
Of the total, the discretionary outlays are 1.19 trillion dollars, 623 billion for defense, 563 billion for non-defense, and 2.5 trillion for social security programs. 302 billion will be put into upgrading transportation infrastructure.
Obama also proposed to significantly strengthen the Earned Income Tax Credit (EITC), which would cut taxes for 13.5 million working Americans. Permanent improvements on EITC will help 16 million families with 30 million children and have helped lift 1.4 million Americans out of poverty.
In spite of Obama's ambition, analysts said the election-year blueprint is in all likelihood to be rejected by the Republican-controlled House of Representatives and are unlikely to be endorsed finally.
Last December, the Congress passed a bipartisan accord which set the discretionary spending levels for the federal governmental departments slightly above 1 trillion dollars for each of the 2014 and 2015 fiscal years.