Obama compared the recovery of New Orleans after Katrina to America's ongoing recovery from the recession of 2007.
Forecasters say the increase would be smaller if economic growth effects are considered.
President Hollande announced that the budget would rise by €3.8bn over four years.
The contest comes before an unusually close national election on May 7.
Britain's continued membership of the European Union hangs on the outcome of the election on May 7.
The Office for Budget Responsibility has warned of the proposed changes to public spending.
£1.3 billion promised to boost investment in oil and gas by British chancellor in final pre-election budget.
First budget surplus at all levels of government since reunification leaves Germany economically sound amid EU uncertainty.
A cleric also claims the group have set up a central bank in Mosul
Republicans successfully negotiated a number of policy provisions into the measure, including easing of regulations ranging from the environment to financial derivatives trading.
There is wide public support for making the likes of Amazon and Facebook pay their tax
French, Italian and Belgian draft budgets for 2015 may be at risk of breaking rules says European Commission
Britain's PM David Cameron reacted angrily after the UK was told it must pay an extra €2.1 billion to the EU by 1st December
India's first prime minister born after independence has the tough task of transforming a developing economy into a truly modern success story
Following proposed cuts to city employee health benefits, a quarter of Memphis police are out sick
With a push for Democratic priorities, President Barack Obama's budget focuses on expanding tax credits for poor working Americans and helping people save for retirement
Chuck Hagel wants to shrink our armed forces, setting off a fight that will above all divide Republicans
After a Christmas truce, the Republicans are teeing up for a knock-down, drag-out brawl over the debt ceiling.