Obama says budget built on smart investments Obama announces budget plan focused on economy; says big deficits were largely inherited

WASHINGTON (AP) -- President Barack Obama says his new $3.83 trillion budget is filled with "investments we must make" to boost employment and solidify the economy.

The plan would boost this year's federal deficit to a record-breaking $1.56 trillion -- a level of debt that Obama blamed on the decisions of President George W. Bush, previous Congresses and his administration's steps to prevent an economic collapse.

Obama said in normal circumstances he would have worked to pay down the yearly deficit immediately, but costly steps were need to help an economy in free fall. He asked lawmakers to follow his lead on reducing waste and avoid "grandstanding." His budget plan aims to attack 10 percent joblessness with increased spending in areas such as education.