Obama to release budget on February 26

US President Barack Obama returns from a weekend visit in Chicago to the White House in Washington, February 16, 2009.

WASHINGTON (Reuters) - U.S. President Barack Obama will release his first budget proposal on February 26, a White House official said on Tuesday.

The administration will release an outline of the budget for the 2010 fiscal year. A more detailed version will be released later in the year.

The release of the budget blueprint will put a spotlight on soaring budget deficits. Private economists expect the deficit to reach $1.5 trillion or more this year, boosted by the $787 billion two-year economic stimulus that Obama is expected to sign into law on Tuesday.

(Reporting by Caren Bohan; Editing by Bill Trott)