U.S. President Barack Obama
President Barack Obama termed the Gaddafi's crackdown on protestors in Libya as "outrageous" and "unacceptable" and is looking at the "full range of options" to respond to the crisis. Reuters

President Barack Obama has proposed a 1.26% reduction in his budget for 2012 compared with 2011, according to his fiscal year 2012 budget.

The $72 billion drop comes as part of a $3.771 trillion budget in 2012, compared with the $3.819 trillion budget in 2011.

Meanwhile total receipts - which come mostly from taxes - are expected to rise.

Total receipts will be $2.609 trillion in 2012, up $435 billion compared with $2.174 trillion in 2011.

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