Fiscal Conservative Obama Unveils $3.73 Trillion Budget

Good thing this guy is really holding up that legacy of Ronald Reagan. Oh, and the guy who likes to pretend he's never raised taxes plans to again raise taxes.

President Barack Obama is sending Congress a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit savings over the next decade through spending cuts and tax increases.

Obama's new budget projects that the deficit for the current year will surge to an all-time high of $1.65 trillion. That reflects a sizable tax-cut agreement reached with Republicans in December. For 2012, the administration sees the imbalance declining to $1.1 trillion, giving the country a record four straight years of $1 trillion-plus deficits.

Four straight years of $1 trillion-plus deficits. That's some record to run on, huh?

Senior administration officials, who spoke on condition of anonymity in advance of the formal release of the budget, said that Obama would achieve two-thirds of his projected $1.1 trillion in deficit savings through spending cuts including a five-year freeze on many domestic programs.

The other one-third of the savings would come from tax increases, including limiting tax deductions for high income taxpayers, a proposal Obama put forward last year only to have it rejected in Congress.

So he put forth a proposal for tax increases that was rejected by a Democrat congress, yet he expects the GOP majority to vote for it?