President Barack Obama proposed a 3.9 trillion dollar budget for fiscal year 2015

President Barack Obama proposed a 3.9 trillion dollar budget for fiscal year 2015 , which will be used to fund infrastructure improvements, education and other social programs , according to the budget plan released by the White House on Tuesday .

Obama has budgeted deficit of 564 billion dollars for 2015 , or 3.1 percent of the estimated gross domestic product ( GDP ) . The deficit in the next decade will remain between 400 billion dollars to 500 billion dollars . Deficit to GDP will decline to 1.6 percent in 2024 .

In the description of a new budget for the fiscal year that begins Oct. 1 , Obama aims to invest in infrastructure , job training and pre - schools , tax cuts for working Americans , closing tax loopholes enjoyed by the rich .

" The budget I send to Congress this morning outlining how we will implement this agenda in a balanced and responsible . This is a road map to create jobs with good wages and expanding opportunities for all Americans , " Obama said during a visit to a primary school Powell in Washington DC .

" At the moment we have cut the deficit in half, allowing us to fulfill our obligations to future generations without leaving them a mountain of debt , " he said as quoted by Xinhua .