(CNN) -- Based on the proposed budget, the administration projects the deficit for fiscal year 2009 will reach $1.75 trillion, or 12.3 percent of U.S. gross domestic product. That's a record in dollar terms and is the highest as a share of GDP since World War II.

Congress received a 140-page summary of the budget for fiscal year 2010 Thursday morning. The full details are expected in April.

The government's fiscal year runs from October of one year to September of the next.

Peter Orszag, director of the Office of Management and Budget, outlined four ways the administration will reach their goal of reducing the deficit in half by 2013.

First, he predicted the economy would recover because of the Recovery Act and the normal business cycle.

Second, Orszag said the tax cuts for the wealthy will expire as scheduled at the end of 2010. That will hit families making more than $250,000 a year. The administration is also closing down some corporate tax loopholes.

Orszag also said the administration is "winding down the war," which he predicted would reduce costs over time.

Finally, the administration is "making government more efficient," Orszag said.

The president says his team has already identified $2 trillion in budget savings by scouring the federal budget.

Orszag emphasized Thursday that the budget presented is just an overview. He said that throughout the year, the administration would "continue to examine what works and what doesn't."

Here's a breakdown of some of the items in the budget.

Defense: $75.5 billion in spending on Iraq and Afghanistan for the remainder of 2009, $130 billion in spending on Iraq and Afghanistan for fiscal year 2010 and $533.7 billion for Department of Defense.

Education: $46.7 billion in spending for fiscal year 2010.

Energy: $26.3 billion in projected spending for the Energy Department in fiscal year 2010.

The budget builds on funds already allotted for programs in the $787 billion stimulus package signed into law earlier this month.

Obama's outline also sets aside an additional $250 billion to stabilize the financial system, on top of the $700 billion already authorized by Congress under the Troubled Asset Relief Program.

In introducing the budget, Obama slammed what he called a "dishonest accounting" of the costs of U.S. wars, and reiterated his commitment to make government "more open and transparent."

"For too long, our budget has not told the whole truth about how precious tax dollars are spent," he said.

"Large sums have been left off the books, including the true cost of fighting in Iraq and Afghanistan. And that kind of dishonest accounting is not how you run your family budgets at home; it's not how your government should run its budgets either."

He also warned that there will be "some hard choices that lie ahead."

Some of the proposed spending cuts range from outdated farm subsidy programs to pricey Pentagon weapons programs and the so-called "carried-interest" loophole on Wall Street.

The budget also cuts funding for the controversial Yucca Mountain nuclear waste storage program. Funding for the program will be scaled back while the administration works on a new strategy for nuclear waste disposal, the document says.

The Obama administration is aiming to save $9.8 billion in agricultural costs over 10 years by phasing out direct payments to farmers with sales revenues of $500,000 or more per year.

Obama is also proposing a $634 billion health care "reserve fund" aimed at reforming the system. In order to fund it, Obama will ask wealthy Americans to accept a tax increase and wealthy seniors to pay higher Medicare premiums.

The reserve fund will be used only for reforming the system by cutting costs and trying to deal with the 46 million Americans without health insurance.

The budget will leave the details of how to reform the system to be worked out by Congress, and top Obama officials are already acknowledging this is only a start -- it will take more money to get the job done.

Republicans criticized the budget as full of wasteful spending.

"There's been too much spending under the Republicans over the last couple of years, but if you begin to look at what's happen over the last month and what's being proposed in this budget, the president's beginning to make President Bush like a piker when it comes to spending," said Rep. John Boehner, the House minority leader.

"The era of big government is back and Democrats are asking you to pay for it," said Boehner, R-Ohio.

Mississippi Rep. Gene Taylor, a conservative "Blue Dog" Democrat, also blasted the budget outline saying, "I don't like it ... Change is not running up even bigger deficits that George Bush did."

Taylor noted that he was still reviewing the plan, but he said he was troubled by the additional spending for many government programs on top of the funding agencies received in the economic stimulus bill. He voted against the stimulus.

Taylor pointed to Obama's inaugural address that called for Americans to make sacrifices, saying "It's certainly not reflected in his budget."

House Speaker Nancy Pelosi, however, praised the budget as "a statement of our national values."

"The budget is consistent with the president's message of accountability, fiscal responsibility, transparency from the standpoint of how we approach it. It reflects the values that he conveyed about investing in education and energy and health care; also in how we grow our economy for infrastructure and how we support our troops," said Pelosi, D-California.

CNN's Ed Henry, Kristi Keck, Mike Mount and Alan Silverleib and CNNMoney's Jeanne Sahadi contributed to this report

The following are some of the key figures for various departments:

Education

• $46.7 billion in fiscal year 2010 spending

• $500 million spending increase from FY 2009 to FY 2010

• The stimulus package, which is separate from the budget, contains another $81.1 billion for education.

• The budget establishes a new five-year, $2.5 billion program starting in FY 2010 to help low-income students attend college.

• The FY 2010 budget "increases funding for the Charter School program to support the expansion of successful charter school models, while increasing state oversight to monitor and shut down low-performing charter schools."

The government's fiscal year runs from October of one year to September of the next.

Health Care

• A total budget for the Department of Health and Human Services of $76.8 billion. This is down slightly from the $78.4 billion for HHS in FY 2009, but the stimulus package includes another $22.4 billion for HHS-related spending.

• A $634 billion health care reserve fund designed to help cover the costs of overhauling the health care system.

• The reserve fund is referred to as a "down payment on health care reform," and is financed in part by squeezing $316 billion in efficiencies out of the current health care system by "aligning incentives toward quality," "promoting efficiency/accountability," and "encouraging shared responsibility."

• The reserve fund is also financed in part by "rebalancing the tax code so that the wealthiest pay more."

• The budget will require higher-income senior citizens in the Medicare drug program to pay higher premiums. This accounts for a projected $8.1 billion in savings over 10 years.

• $6 billion for cancer research by the National Institutes of Health. This is in addition to the $10 billion provided by the stimulus package for 2009 and 2010.

Energy

• The FY 2010 budget includes $26.3 billion in projected spending for the Energy Department. That figure is virtually the same as FY 2009, aside from $7.5 billion in FY 2009 emergency loans designed in part to help the domestic auto industry comply with stiffer environmental regulations.

• The Energy Department received another $38.7 billion in the stimulus package.

• The FY 2010 budget "builds on the $11 billion provided in the [stimulus package] for smart grid technologies, transmission system expansion and upgrades, and other investments to modernize and enhance the electric transmission infrastructure."

• It "supports and encourages the early commercial development of innovative, clean energy technologies through loan guarantees."

• It supports so-called "clean coal." The document states that the "budget supports Carbon Capture and Storage technology, and along with the $3.4 billion provided in the Recovery Act for low-carbon emission coal power and industrial projects ... will help allow the use of our extensive domestic coal resource while reducing the impacts on climate change."

• It cuts funding for the controversial Yucca Mountain nuclear waste storage program. Funding for the program "will be scaled back ... while the Administration devises a new strategy toward nuclear waste disposal."

Defense

• $533.7 billion for the Department of Defense in FY 2010, an increase of $20.4 billion, or 4 percent, over 2009

• $75.5 billion in spending on Iraq and Afghanistan for the remainder of 2009

• $130 billion in spending on Iraq and Afghanistan for FY 2010

• The budget supports an increase in Army permanent forces to 547,000 and in Marine Corps forces to 202,000 by the end of 2009, two to three years ahead of schedule. The Marines confirmed last week they had reached their target size.

Homeland Security

• $42.7 billion in funding for FY 2010, up from $40.1 billion in FY 2009. This is in addition to the $2.8 billion in homeland security funding from the stimulus package.

• $50 million for 15 new TSA "Visual Intermodal Protection Response" teams

• $64 million "to modernize the infrastructure used to vet travelers and workers. These funds will strengthen screening in order to reduce the risk of potential terrorism or other unlawful activities that threaten the nation's transportation system."

• The administration proposes increasing the Aviation Passenger Security Fee beginning in 2012. It says that the current fee covers only 36 percent of the cost of aviation security.

• $1.4 billion for Immigration and Customs Enforcement programs "to ensure that illegal aliens who commit crimes are expeditiously identified and removed from the United States."

• $110 million to expand the E-Verify program, an electronic employment eligibility verification system.

Transportation

• Funding for the Department of Transportation increases by $2 billion in the proposed FY 2010 budget. It climbs from $70.5 billion in FY 2009 to $72.5 billion in FY 2010.

• The Transportation Department received another $48.1 billion in the stimulus package.

• The proposed FY 2010 budget includes a five-year $5 billion high-speed rail state grant program.

This money would come on top of the $8 billion already allocated to high-speed rail in the stimulus package.

The administration envisions the creation of environmentally-friendly "high-speed rail corridors across the country linking regional population centers."

• The proposed FY 2010 budget includes $800 million to upgrade the air traffic control system.

Commerce

• Overall funding for the Commerce Department jumps by $4.5 billion, from $9.3 billion to $13.8 billion -- a more than 50 percent increase. Why? The Census.

Almost all of the increase in funding is dedicated to ensuring the department has "the resources it needs to complete the 2010 Decennial Census effectively, efficiently, and ontime."

• The Commerce Department also received $1 billion in the stimulus package.

Veterans

• Department of Veterans Affairs funding would increase by $5.5 billion under Obama's proposed FY 2010 budget. It would increase from $50.4 billion to $55.9 billion. The VA also received an additional $1.4 billion in the stimulus package.

• Funding for the VA under the FY 2010 budget is projected to increase by $25 billion over the next five years. The budget "expands eligibility for veterans health care to over 500,000 veterans by 2013."

• The proposed FY 2010 budget "expands eligibility for VA health care to non-disabled veterans earning modest incomes ... for the first time since January 2003."

• Under the proposed FY 2010 budget, "for the first time, highly disabled veterans who are medically retired from service will be eligible for concurrent receipt of disability benefits from VA in addition to Department of Defense retirement benefits."

• Under the FY 2010 budget, the Defense Department will add 21 new Warrior in Transition complexes. These complexes provide comprehensive rehabilitative care for wounded veterans. The budget does not indicate the current total number of Warrior in Transition complexes.

• The FY 2010 budget expands mental health screening and treatment services offered by the VA.

Agriculture

• Agriculture Department funding would increase by $1.4 billion under Obama's proposed FY 2010 budget, from $24.6 billion to $26 billion.

The Agriculture Department also received an additional $6.9 billion in the stimulus package.

• Obama's proposed FY 2010 budget "phases out direct payments over three years to farmers with sales revenue of more than $500,000 annually."

The document goes on to state that currently, "direct payments are made to even large producers regardless of crop prices, losses or whether the land is still under production. The program was introduced in the 1996 Farm Bill as a temporary payment scheduled to expire, but was included in the 2002 and 2008 Farm Bills. ... Large farmers are well positioned to replace those payments with alternative sources of income from emerging markets for environmental services, such as carbon sequestration, renewable energy production, and providing clean air, clean water, and wildlife habitat."

• The proposed FY 2010 budget cuts Market Access Program "funding for overseas brand promotion [and] minimizes the benefits that large for-profit entities indirectly gain as members of trade associations who also participate in MAP." It states that an "annual funding reduction of 20 percent will reduce federal spending and place a greater emphasis on promoting generic American products overseas."

• The budget also cuts cotton subsidies. The budget "proposes to eliminate the requirement for the government to pay the storage costs of cotton that is put under loan by the USDA. Cotton is the only commodity for which this assistance is provided."

• The budget provides $1.3 billion in loans and grants to increase rural broadband capacity and improve rural telecommunication service.

• The budget boosts funding for "food safety inspection and assessment and the ability to determine food safety risks."

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