WASHINGTON — President George W. Bush has announced his fiscal 2004 budget, which includes an estimated $1.3 trillion in tax cuts while projecting the biggest deficits in United States history for this fiscal year and next year.

Besides the $674 billion tax package introduced earlier by the president, designed to eliminate taxes on stock dividends, the proposed budget indefinitely extends the tax cuts passed in 2001 that would have expired after 2010.

A deficit of $304 billion is projected for the 2003 fiscal year. The deficit is expected to be $307 billion in 2004. The largest deficit previously was $290 billion in fiscal year 1992.