[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/02/01/budget.gi.art.jpg caption="President Obama today announced a $3.8 trillion budget proposal that includes $50 billion to create jobs and a more than 6 percent increase in education funding."]
By Jennifer Liberto, senior writer
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.
"We simply cannot continue to spend as if deficits don't have consequences, as if waste doesn't matter," Obama said at a White House presentation. "It's time to save what we can, spend what we must and live within our means once again."
The budget assumes that the nation's unemployment rate will average 9.2% in 2011 and that the nation's gross domestic product grows by 3.8% next year. It also assumes that some sort of health care reform legislation will pass.
Included in the massive package are $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.