Obama unveils $3.73 trillion budget for 2012, Obama proposed trimming the deficits by $1.1 trillion over a decade. The administration is projecting that the deficit will hit an all-time high of $1.65 trillion this year and then drop sharply to $1.1 trillion in 2012.

Obama called his new budget one of "tough choices and sacrifices," but most of those cuts would be held off until after the end of his first term.

The President's plan would trim deficits by $1.1 trillion over next 10 years.