Facts and Figures from Obama's First Budget

President Barack Obama plans Thursday to release an outline of his budget for fiscal year 2010 that begins Oct.1.

The budget, due out at 11 a.m. EST (4:00 pm London time), is a summary version of a more detailed proposal he will release in April.

Here are some details of what the budget will say according to several administration officials:

AP

Deficit

Obama will forecast a budget deficit of $1.75 trillion in the current fiscal year 2009.

That is equivalent to 12.3 percent of gross domestic product (GDP), making it the highest deficit as a share of the economy since World War II.

The deficit totaled $455 billion in 2008, which was an all-time high in dollar terms.

Obama inherited a more-than $1 trillion deficit when he took office.

A two-year $787 billion stimulus package Obama pushed through Congress combined with potential added costs to address the turmoil in the U.S. banking sector are expected to help push the deficit up to $1.75 billion.

The Obama administration's forecast for the 2009 deficit is roughly in line with those of many private economists.

Obama will set a goal in the budget of reducing the deficit to $533 billion, or 3 percent of GDP, by 2013.

Taxes

A rise in taxes on the wealthiest Americans would help reduce the deficit under the Obama plan.

Obama will propose boosting tax collection from about 16 percent of the economy this year to 19 percent in 2013.

Obama would allow some of the 2001 and 2003 tax cuts enacted under his predecessor George W. Bush to expire on schedule for those making more than $250,000 a year.

That would include allowing the highest U.S. income tax bracket to rise from 35 percent to more than 39 percent.

The budget assumes a tightening of enforcement of the tax code to crack down on people who use loopholes and other measures to avoid taxes.

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Spending

Obama's budget would assume a decline in spending from about 26 percent of the economy to 22 percent in 2013.

U.S. officials said the savings would come from winding down the war in Iraq and finding efficiencies in government programs.

Obama will propose wringing some savings out of the defense budget by reforming government procurement.

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