US President Barack Obama has presented a 377 trillion dollar annual budget. He said, it will not only reduce the budget deficit but will also make America a magnet for good jobs and put the country on the path of economic prosperity. Obama also described it as a fiscally responsible blueprint for middle-class jobs and growth, while the opposition Republicans were quick to term it as blueprint for recession. Obama said his budget replaces the foolish across-the-board spending cuts that are already hurting the economy. Mr Obama proposed a 40 per cent increase in American aid to Pakistan, amounting to 1.4 billion dollars for the fiscal year beginning October 1, 2013.