U.S. President Barack Obama has unveiled a budget proposal for fiscal year 2013.

The three-point-eight-trillion-dollar plan is largely built on ideas to boost the U.S. economy and to reduce a budget deficit by four trillion dollars over the next ten years.

The U.S. president said the plan will grow the economy and create jobs, and he's seeking a six-year transportation bill worth 476-billion dollars to develop roads and bridges.

The budget proposal also includes long-term measures to cut a budget deficit through increasing taxes levied on the wealthy, decreasing defense spending, and scaling down corporate tax exemptions.