President Obama delivered the budget for the upcoming year today and it reaches a new record deficit, coming in at $1.56 trillion.  In this proposed budget is a total spending of $3.8 trillion with a new $100 billion jobs bill, cuts to NASA, a 6 percent education increase, and also takes into account the Bush tax cuts for the rich ending without renewal.

Mr. Obama began with a grim reminder of the massive spending over the past decade with two wars, a huge Medicaid plan, and tax cuts for the rich, none of which was paid for.  He acknowledged that the country was in a serious economic crisis, especially for jobs, which is why he said investment now is necessary for long term growth.  He also reiterated his call for a 3 year budget freeze beginning in 2011 on discretionary spending except for the military, social security, and homeland security. 

Most notably, he went over programs that he supports which he cut from the budget because he said difficult choices need to be made, and called on Congress to go the extra mile to find things that they can cut when they find waste or duplication.  To see the budget goto Budget.gov.

Watch his remarks below: