WATCH LIVE: Obama unveils White House budget

The $1.058 trillion budget for fiscal year 2014 — which will arrive on Capitol Hill about two months late — would turn off the automatic spending cuts known as the sequester and raise $580 billion in new tax revenue over 10 years by limiting tax deductions for upper-income households.

The budget increases spending in 2014 when compared to spending under the sequester. Leaving the sequester in place would lead to $966 billion in discretionary spending in 2014.

Total spending in fiscal year 2014 including on entitlements would be $3.77 trillion.

Read more on The Hill's On The Money blog.