By Gabrielle Tassone -- February 1, 2010
President Obama will reveal the $3.8 trillion budget plan for the 2011 fiscal year, Monday morning in a ceremony to be held at the White House.
The budget represents a three percent increase in governmental spending, over last year's governmental spending.
His announcement will address the proposed spending freeze on domestic programs brought up last week in the State of the Union address. Social Security, Medicare, and Medicaid are among the programs exempt from the freeze. This move is expected to save $250 billion over the next decade.
Despite this freeze,the fiscal budget for 2011 will be the third in the row with a deficit of more than $1 trillion.
According to administrative projects, the annual deficit is not expected to drop below $700 billion in 2011, and it has been forecast as high as $1.6 trillion.
Some highlights of the spending to be included on the bill; $192 billion over the next two years for the wars in Afghanistan and Pakistan, $43.6 billion for Homeland Security, a 20 percent increase for the Department of Veteran Affairs, and a $17 billion increase in governmental Pell grants for college students.
President Obama is scheduled to make the announcement at 10:45 this morning in the Grand Foyer of the White House.
The fiscal year runs from October, to September of the next year.
