Updated

President Obama on Monday proposed a $3.8 trillion budget for fiscal year 2011, which includes $1.4 trillion in discretionary spending and a freeze on non-military, non-homeland security, non-entitlement spending.

The president's budget is paid largely through deficit spending, totaling nearly $1.3 trillion for the spending year.

In its summary of the budget proposal, White House notes that a three-year freeze on spending will result in $20 billion per year in savings. But the summary also reveals  that if passed, spending on Pell Grants and the Elementary and Secondary Education Act will increase next year by ... $20 billion.

Here's your chance to take a look through the 197-page summary and tell us what you think.

Click here to read a 197-page summary of the nearly 2,000-page document.

More On This...

Click on the comments button below to share your thoughts.