Obama to release 2010 budget on Feb. 26

President Barack Obama will release his first budget proposal on Feb. 26, a White House official said Tuesday.

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The administration will release an outline of the budget for the 2010 fiscal year. A more detailed version will be released later in the year.

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The release of the budget blueprint will put a spotlight on soaring budget deficits.

Private economists expect the deficit to reach $1.5 trillion or more this year, boosted by the $787 billion two-year economic stimulus that Obama is expected to sign into law on Tuesday.