Obama to forecast $1.33 trillion budget deficit President Barack Obama's budget to be released on Monday will project a $1.3 trillion deficit in fiscal year 2012, an administration official said. Obama's last annual budget before he seeks reelection in November will also project a $901 trillion deficit for fiscal year 2013, and will frame his campaign trail message of a fair fight for all. The budget deficit recorded in 2011 was $1.296 trillion. The spending plan, details of which were first reported by the Wall Street Journal and Dow Jones Newswires, will also include more than $350 billion for short-term job creating programs. The official confirmed that the proposal also includes $476 billion dollars in infrastructure spending on roads and other transport projects and includes more than $360 billion in savings from government-run health programs for seniors and the poor. The budget is likely to mirror a spending plan laid out to avert a government shutdown in September.