Shocking, I know. President Obama to hold news conference - Politics - White House - msnbc.com NBC, msnbc.com and news services WASHINGTON A day after sending Congress a $3.73 trillion budget, President Obama will hold a news conference on Tuesday, a senior official told NBC News. On Monday, the president offered a budget plan that holds out the prospect of eventually bringing deficits under control through spending cuts and tax increases. But the fiscal blueprint largely ignores his own deficit commission's view that the nation is imperiled unless huge entitlement programs like Social Security and Medicare are slashed. Obama called his new budget one of "tough choices and sacrifices," but most of those cuts would be held off until after the end of his first term. It was harshly criticized by Republicans, who said it was far too timid. Read the full budget (.pdf) Overall, Obama proposed trimming the deficits by $1.1 trillion over a decade. The administration is projecting that the deficit will hit an all-time high of $1.65 trillion this year and then drop sharply to $1.1 trillion in 2012, with an expected improvement in the economy and as reductions in Social Security withholding and business taxes expire. Obama's 2012 budget would actually add $8 billion to the projected deficit for that year because the bulk of the savings he would achieve through a freeze in many domestic programs would be devoted to increased spending in areas Obama considers priorities, such as education, clean energy and high-speed rail. The funny part about this story is that many liberals are trying to convince the world that he's not a liberal, that he's some kind of centrist.