Obama budget forecasts $1.33 trillion deficit for fiscal 2012

President Obama's Monday budget request to Congress will forecast a fiscal year 2012 deficit of $1.33 trillion and will include hundreds of billions of dollars in proposed infrastructure spending, The Wall Street Journal reported on Friday.

The projected deficit is higher than 2011's $1.296 trillion deficit and slightly higher than the Congressional Budget Office's roughly $1.15 trillion projection released last week. The budget, according to draft documents viewed by Dow Jones Newswires and The Journal, will forecast a $901 billion deficit for fiscal 2013, which would be equivalent to 5.5 percent of gross domestic product. That is up from the White House's September forecast of a deficit of $833 billion, or 5.1 percent of GDP, the newspaper said.

According to The Journal, the White House's projected 2012 deficit would be about 8.5 percent of GDP.