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 US President Barack Obama on January 1 announced a US$3.8 trillion budget plan for 2011, which includes increased spending for job creation, but cuts in other areas.

He also forecast the US deficit would rise to a record US$1.56 trillion this year. He scrapped plans to send astronauts back to the Moon and will seek to save US$250 billion by capping a range of domestic spending programmes for three years.

Congress must approve the budget for the financial year starting on October 1 for it to take effect.

Mr Obama blamed the huge deficit on the decisions of former President George W Bush, previous Congresses and his administration's moves to prevent an economic collapse.

He said that in normal circumstances he would have worked to cut the deficit immediately, but expensive steps were need to help the economy.

The budget includes about US$100 billion of tax incentives designed to lower double-digit unemployment, including inducements for companies to hire workers.

This will be partially offset by higher taxes on wealthy Americans earning more than US$250,000 a year.

The budget also includes more money for education, scientific research and defence programmes.

(CPV)