US President George Bush has today proposed a $3.1 trillion budget for the 2009 financial year.
The spending plan, which includes a five-year budget outline, was sent to Congress today for the year beginning October 1st. It is the first to exceed $3 trillion.
The fiscal plan would temporarily increase the government's' deficit in 2008 and 2009 and then cut it in the following three years.
Heavy deficits of $410 billion for the current year and $407 billion next year are forecast in the plan which seeks to spend $515.4 billion on military funding, up from $479.5 billion in the budget for 2008 and including $70 billion for the 'war on terror'.
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President Bush also included a $145 billion economic growth package.