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Obama to release 2010 budget on Feb. 26

President Obama will release the outline of his budget for the 2010 fiscal year at the end of February, with a more detailed version released later in the year.
Image: Barack Obama, Joe Biden
When the Obama administration releases of its 2010 budget blueprint at the end of the month soaring budget deficits will likely be forced into the spotlight.J. Scott Applewhite / AP
/ Source: Reuters

President Barack Obama will release his first budget proposal on Feb. 26, a White House official said Tuesday.

The administration will release an outline of the budget for the 2010 fiscal year. A more detailed version will be released later in the year.

The release of the budget blueprint will put a spotlight on soaring budget deficits.

Private economists expect the deficit to reach $1.5 trillion or more this year, boosted by the $787 billion two-year economic stimulus that Obama is expected to sign into law on Tuesday.