WASHINGTON (Reuters) - President Barack Obama on Monday projected the budget deficit would peak at a fresh record in 2010 before easing as he pushes for fiscal responsibility while battling double-digit unemployment.
Dubbed an old-style liberal tax-and-spender by his Republican opponents, Obama is under pressure to convince investors and big creditors like China that he has a credible plan to control the country's deficit and debt over time.
"In the long term, we cannot have sustainable and durable economic growth without getting our fiscal house in order," Obama said in a statement with the budget's formal release.
His budget for the fiscal year to September 30, 2011, a blueprint that is subject to change by the U.S. Congress, forecast a deficit of $1.56 trillion in 2010, or 10.6 percent of the economy measured by gross domestic product (GDP).
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