Obama sends $3.8 trillion budget to Congress (by Robert Schroeder)

WASHINGTON (MarketWatch) -- President Barack Obama on Monday sent Congress a $3.8 trillion budget blueprint for fiscal year 2011, proposing to pump billions of dollars into creating jobs but freezing some government spending in a bold attempt to hasten a recovery in the U.S. economy. The budget plan forecasts a record $1.6 trillion deficit in fiscal 2010 but sees the red ink declining to $1.3 trillion in fiscal 2011. The budget would also eliminate tax cuts for those making more than $250,000.