If Obama's Budget Were Yours

Jake Tapper breaks down the president's $3.8 trillion budget.
2:17 | 02/14/12

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Transcript for If Obama's Budget Were Yours
-- battle brewing over the president's new budget for this country he unveiled today a record three point eight trillion dollars ready to be spent. So what does this budget have in common with the kind of family budget Americans wrestle with around the kitchen table. We ask ABC's Jake Tapper to break it down. The budget the president introduced today -- the 256. -- way of describing his priorities don't work out of -- I read it to you. It's long and lot of lot of number. Indeed a lot of numbers so let's try it -- numbers more easily understood. Removing eight zeros from all the numbers so say that three point eight trillion dollar budget is actually 38000. Dollars like a family budget. This budget would have our American family spending 38000 dollars while only taking in. 29000. Dollars so our family is racking up 9000. Dollars in new debt and keep in mind. Our family already rose 153000. Dollars in credit card debt. Turning back to real numbers that's a fifteen trillion dollar national debt a number which keeps going up year after year after year. Does that -- responsible. We need to. Make sure we get it right. As we. Move forward and then for the medium and long term -- to the things that we need to do to ensure that we reduce our deficit and debt Republicans say the president is abdicating his responsibility to lead somebody asked me if this. Budget was dead on arrival -- -- dead on arrival its debt. On arrival. It's a political document this budget explaining the president's priorities that budget -- his new taxes on individuals who make more than 200000 dollars a year. And some new spending on education and energy to serve as an economic stimulus but the document also represents a broken promise for President Obama. Who made this pledge at the beginning of his presidency. Today I'm pledging to cut the deficit we inherited by half by the end of my first term in office. Of course this was Kabuki theater to a degree Diane the budget will not be passed by the house or the senate because of Washington dysfunction so really this is about President Obama. Setting the stage for the November election.

This transcript has been automatically generated and may not be 100% accurate.

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