Congress received a 140-page summary of the budget for fiscal year 2010 Thursday morning. The full details are expected in April.
The government's fiscal year runs from October of one year to September of the next.
In introducing the budget, Obama slammed what he called a "dishonest accounting" of the costs of U.S. wars, and reiterated his commitment to make government "more open and transparent."
"For too long, our budget has not told the whole truth about how precious tax dollars are spent," he said.
"Large sums have been left off the books, including the true cost of fighting in Iraq and Afghanistan. And that kind of dishonest accounting is not how you run your family budgets at home; it's not how your government should run its budgets either." Read the budget (pdf)
The president's budget includes investments in renewable energy, education, and health care -- priorities Obama outlined during his address to a joint session of Congress on Tuesday. 
Watch: What's in the budget for you? »
Despite an ambitious agenda that requires "significant resources," Obama aims to halve the $1.3 trillion deficit by 2013.
Peter Orszag, director of the Office of Management and Budget, on Thursday outlined four ways the administration will reach that goal.
