US president Barack Obama has proposed a budget that would cut the country's deficit by 1.1 trillion dollars over 10 years. Details of the budget proposal – provided by the White House before its official release – showed the deficit rising to 1.645 trillion dollars in fiscal 2011, then falling sharply to 1.101 trillion in 2012. Mr. Obama's budget for fiscal 2012, to be formally released later today is a proposal to Congress laying out the president's policy priorities. Two-thirds of Mr. Obama's deficit savings come from spending cuts and expected reductions in interest payments as the deficit declines. The rest comes from higher revenue, in part as provisions in a December pact on payroll taxes and jobless aid expire, and also as stronger growth lifts tax revenue. As a result, Mr. Obama's budget delivers on a promise to halve the deficit by the end of his current term in the White House, in January 2013, compared to when he took office in 2009. The budget shows the deficit steadying around 3 per cent of gross domestic product from 2015 onward, slowing the rate at which the nation adds to its debt, although it will have still have climbed to 77 per cent of GDP by 2021, up from 72 per cent in 2011.