On February 14, 2011, President Obama released his proposed budget for fiscal year 2012 (October 1, 2011 to September 30, 2012). The president's budget proposal includes, among other things: 1) proposals for new federal revenue and spending policies over the next 10 years; 2) projections of various economic indicators, such as inflation and Gross Domestic Product (GDP) growth; and 3) estimated levels of federal grants to state and local governments.