Gherald says:

Some of the new deficit-reducing funding comes from the elimination of tax breaks. From your last link:

[..] the budget proposes to save $750 billion over 10 years through three significant steps on the tax side. First, it would narrow tax subsidies — which budget analysts call “tax expenditures” or “tax entitlements” because they essentially represent government spending that’s delivered through the tax code, and that are now approaching $1 trillion a year in cost — such as for oil and gas companies, multi-national corporations that shift profits abroad to avoid paying their fair share of taxes here, and high-income households that receive much bigger subsidies than other Americans for the same tax-deductible expenditures. Second, it would reform financial institutions, such as by instituting a fee on large banks to cover the costs of bail-outs and discourage excessively risky behavior. Third, it would take other steps to reduce tax avoidance. Of this $750 billion in tax savings, the budget would allocate $284 billion for new tax cuts, primarily for middle- and lower-income families and for businesses, and save the rest for deficit reduction.

Enacting these and other proposals in the budget will be very difficult, given the penchant among some lawmakers to rail against deficits but vote against most measures to reduce them

I'm not optimistic this will pass, but it'll be great if it does.

Meanwhile, the other side of Obama's budget proposal should be beaten with a stick for increased spending…

<img src="http://3.bp.blogspot.com/_djgssszshgM/S2dhPI6d8zI/AAAAAAAABGg/8UKAi_3ea0s/s640/obamabudget2011spending.png">
Yuck.