By and  on May 8, 2009

WASHINGTON — The budget proposal President Obama sent to Congress on Thursday increases funding for agencies that foster international trade and cuts some domestic cotton programs.

The $3.55 trillion 2010 fiscal year spending request seeks to eliminate or reduce 121 programs, half of which are defense related, saving $17 billion. Obama said his proposed cost-cutting measures for the fiscal year that begins Oct. 1 are the first step toward reducing a $1 trillion deficit that he has pledged to cut in half by the end of his term.

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