Obama Releases $3.4 Trillion Budget Plan

(Washington Post) - The Obama administration today unveiled details of a $3.4 trillion federal budget for the fiscal year beginning in October, a proposal that includes substantial increases for a number of domestic priorities as well as a plan to trim or eliminate 121 programs at a savings of $17 billion.

In a statement delivered at the White House after the budget details were released, President Obama defended the cuts from critics on both sides -- those he said would fight to preserve the targeted programs and others who consider the reductions insignificant.

"We can no longer afford to spend as if deficits don't matter and waste is not our problem," he said. "We can no longer afford to leave the hard choices for the next budget, the next administration -- or the next generation."