Today President Bush submitted a $2.7 trillion budget for FY2007. Here's the budget page from the OMB with all the details along with a statement from the President. 

Here is some reaction:

Speaker Hastert: "President Bush has laid the groundwork for a renewed look at our spending priorities as we focus on reining in federal spending, reducing the deficit and continuing America's strong economic growth. Make no mistake: this House of Representatives will keep a sharp eye on controlling spending throughout this budget process. We remain committed to passing a budget that improves the lives of American families, protects our citizens from terrorism and grows the economy."

House Majority Leader John Boehner: "Recognizing the substantial challenges we face at home and abroad, President Bush’s budget request ensures that our nation’s highest priorities are met, while not losing sight of the need for responsibility in government spending.  This blueprint represents a good starting point for this year’s budget process – a process that will be marked by our continued resolve to reform the way the federal government spends taxpayer dollars.

“Throughout the past year, House Republicans have demonstrated our commitment to saving taxpayer dollars by making federal programs more effective and efficient.  It’s unfortunate that House Democrats have sat idly by as spectators, offering plenty of sound bytes but no clear plan for fiscal accountability.  It’s my hope this year they’ll seriously consider offering constructive, fiscally-responsible ideas of their own.”

Senate Minority Leader Harry Reid: 

“The American people have paid the price for the Republican culture of corruption over the past five years and the president’s budget proposes more of the same. President Bush’s budget continues to put special interests first while making worse the financial pressures confronting American families. This is an immoral and irresponsible approach that does not reflect the values of the American people.

“While working Americans are facing higher prices for everything from health care to gas to college tuition this president’s budget continues to hand out costly, budget busting favors for special interests like the drug, oil, and HMO industries. After creating record deficits and debt with his budget busting tax breaks, the president is asking our seniors, our students, and our families to clean up his fiscal mess with painful cuts in health care and student aid.

“The American people know that together we can do better than this immoral and irresponsible budget. Democrats are committed to reform so that we can clean up Washington, get our fiscal house in order and focus on the day-to-day problems facing America’s families.”

 Senator Kent Conrad: "The nation needed a new budget plan this year, a dramatic and bold acknowledgment from this administration that we need to put our fiscal house back in order. Instead, we got more of the same - more deficits, more debt, and more hiding of the truth from the American people."