The plan estimates the US deficit will grow to a record $1.75 trillion. In another change, war funding will now be included in fiscal budgets instead of as a supplemental. Obama said the previous exclusion of war costs from budget plans has led to “dishonest accounting.” Obama is seeking $130 billion for the occupation of Iraq and Afghanistan in 2010. He says the number will drop once the US withdraws combat troops from Iraq by 2011. Overall, Obama is seeking a four percent increase in military spending, from $513 billion to $534 billion. Other budget items include some $250 billion in additional funding for bailing out the nation’s banks and an end to agricultural subsidies for farmers making more than $500,000. In the budget document, President Obama blames Bush administration policies and reckless Wall Street behavior for the economic crisis. Obama says, “We arrived at this point as a result of an era of profound irresponsibility that engulfed both private and public institutions, from some of our largest companies’ executive suites to the seats of power in Washington, D.C.”
