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Obama: Budget will help 'reignite' middle class

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The $1.058 trillion budget for fiscal year 2014 — which arrived on Capitol Hill about two months late — includes $3.77 trillion in total spending, including entitlements.

It would add $5.3 trillion in new deficit spending over 10 years and increase spending in 2014 by $160 billion compared to current law.

The budget would turn off the automatic spending cuts known as the sequester and raise about $1 trillion in new tax revenue over 10 years compared to the Congressional Budget Office's baseline.

Read more at The Hill's On The Money Blog.