WASHINGTON — President Barack Obama is unveiling his eighth and final budget, a $4 trillion-plus proposal that’s freighted with liberal policy initiatives and new and familiar tax hikes — all sent to a dismissive Republican-controlled Congress.

The budget will be released this morning, the same day as the New Hampshire primary when it’s likely to get little attention. It comes as the deficit, which had been falling over the duration of Obama’s two terms, has begun to creep up, above the half-trillion mark.

The White House is countering with a proposed $10-per barrel tax on oil that would finance “clean” transportation projects. It also is sure to propose taxes on the wealthy and corporations.

Long gone are proposals such as slowing the automatic inflation increase for Social Security benefits and other ideas once aimed at drawing congressional Republicans into negotiations on a broader budget deal.