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Obama admin. to propose US$ 3.8 trln budget blueprint for 2011
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The Obama Administration will propose a 3 point 8 trillion dollar budget blueprint for the 2011 fiscal year to Congress on Monday.
Insiders say through the proposal, the President wants to ensure investors that his administration can control the rising US deficit and reduce high unemployment.
The new budget is expected to repeat many of the themes of the 2010 budget which stood at 3 point 5 trillion dollars. But the administration is proposing a 3-year freeze on spending for a wide range of domestic government agencies.
Military, veterans, homeland security and big benefit programs such as Social Security and Medicare will not feel the pinch.
The budget will also repeat Obama's recommendations for healthcare overhaul, but NASA's mission to return astronauts to the moon would be grounded.
The proposal also includes a fee levied on the biggest US banks to raise an estimated 90 billion dollars.
It would be used to recover losses from the government's 700 billion dollar financial rescue fund. The 2011 fiscal year runs from October 1st to September 30th next year.
