Obama's budget: $3.7 trillion

The 10-year blueprint makes "tough choices and sacrifices," Obama said in his official budget message. Yet the plan, which sets the stage for this week's nasty congressional fight over cuts in the budget year that's already more than one-third over, steers clear of deeply controversial long-term problem areas such as Social Security and Medicare.

The budget relies heavily on the recovering economy, tax increases and rosy economic assumptions to estimate that the federal deficit would drop from this year's record $1.6 trillion - an astronomical figure that requires the government to borrow 43 cents out of every dollar it spends - to about $600 billion after five years.

Obama foresees a deficit of $1.1 trillion for the new budget year, which begins Oct. 1, still very high by historical benchmarks but moving in the right direction.

The president claims $1.1 trillion in deficit savings over the coming decade for his plan, a 12 percent cut from the federal deficits the administration otherwise projects. But that figure includes almost $650 billion in spending cuts and new transportation revenues the administration won't specify.