Bush unveils $3 trillion budget

WASHINGTON, Feb. 4 (UPI) -- Security and prosperity are the overarching principles guiding the $3 trillion federal budget for fiscal year 2009, U.S. President George Bush said Monday.

"(Our) economy retains a solid foundation despite some challenges, revenues have reached record levels and we have reduced the federal deficit by $250 billion since 2004," Bush said in his budget message to Congress.

The document seeks $515.4 billion for the Department of Defense, a nearly 74 percent increase since Bush's first budget submission in 2001. In addition, the budget seeks $70 billion as an emergency allowance to support global anti-terrorism activities.

"The administration will request additional funding once the specific needs of our troops are better known," Bush said in his communication, posted on the Web as a money-saving measure instead of printed and presented to Congress.

The budget also would reduce entitlement spending by seeking to slow the rate of growth over five years, saving an estimated $208 billion.

The 2008 deficit is projected to be $410 billion, or 2.9 percent of gross domestic product, and the 2009 deficit is projected to be $407 billion, or 2.7 percent of GDP. Bush said the budget would be balanced by 2012.