VIDEO: Obama To Release Budget On Feb. 26

The administration will release an outline of the budget for the 2010 fiscal year.

U.S. President Barack Obama will release his first budget proposal on Feb. 26, a White House official said on Tuesday.

The administration will release an outline of the budget for the 2010 fiscal year. A more detailed version will be released later in the year.

The release of the budget blueprint will put a spotlight on soaring budget deficits. Private economists expect the deficit to reach $1.5 trillion or more this year, boosted by the $787 billion two-year economic stimulus that Obama is expected to sign into law on Tuesday.

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