For all you policy wonks out there, Tax Profs Blog has links to all the key original documents related to the President's 2007 federal budget.
For the non-policy wonks out there, the big picture is:
* A record budget deficit in excess of $400 billion
* A record high defense budget (which excludes funding for Iraq or Afghanistan)
* Hefty cuts for Medicare providers
* Scads of cuts in other domestic spending (mostly social programs)
* The President still seeks to make his tax cuts permanent
Given the fact that this is an election year, I'd be surprised to see the adopted budget look very similar to the President's budget.