Obama's $3.8 trillion budget heading to Congress

President Barack Obama looks on after announcing he is keeping Federal Reserve Board Chairman Ben Bernanke, left, for a second term, Tuesday, Aug. 25, 2009, during a news conference in Oak Bluffs, Mass. (AP Photo/Stephan Savoia)

January 31, 2010 2:16:46 PM PST
President Barack Obama's proposed budget predicts the national deficit will crest at a record-breaking $1.6 trillion in the current fiscal year, then start to recede in 2011 to $1.3 trillion, a congressional official said Sunday.