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U.S. President Barack Obama (Front) makes a statement about the Fiscal Year 2010 budget in the Eisenhower Executive Office Building in Washington, February 26, 2009. [Xinhua]

US President Barack Obama is expected to propose a budget of US$3.606 trillion for fiscal year 2010 on Thursday in an attempt to pull the U.S. economy out of a recession.

In his first budget blueprint to Congress, the president expects that the costs of the Iraq and Afghanistan wars will total just over US$140 billion this year. The costs for the two wars will decline to US$130 billion in the 2010 fiscal year.

Annual costs for the war will drop sharply after that, to US$50 billion annually beginning in 2011, the budget will show.

He also requested as much as US$634 billion for health care reforms over the next 10 years.

Obama also has asked for an additional US$250 billion to be set aside if needed to bail out the U.S. financial system.

U.S. President Barack Obama (L) makes a statement about the Fiscal Year 2010 budget as Vice President Joe Biden listens in the Eisenhower Executive Office Building in Washington, February 26, 2009.[Xinhua]

(Xinhua News Agency February 27, 2009)