Washington (CNNMoney.com) - President Obama revealed a $3.8 trillion budget for 2011 on Monday that tries to balance two competing goals: continued government spending to boost the fragile economic recovery and controlling the nation's deficit.
The budget calls for $53 billion in tax cuts and $50 billion job-creating measures, including small-business tax cuts, as well as new investments in green technology and infrastructure programs for work on roads and bridges.
"The employment market remains weak," said White House budget chief Peter Orszag in a conference call on Sunday. "In that context, the budget focuses on job creation and middle class stability."
The budget proposes new tax breaks and incentives for small businesses that hire new employees or boost wages, which would cost $30 billion. There would also be tax breaks for small businesses that make new investments.