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He will propose reducing spending on healthcare programmes for the poor and elderly and on defence, and raising taxes on the wealthy, aides have said.
Republicans are certain to reject Mr Obama's tax increase proposals and call for deeper spending cuts, analysts say.
The contrasting ideas are set to play heavily in the 2012 election campaign.
The US government budget deficit is expected to reach $1.4 trillion (£860m) this year, and both Democrats and Republicans say curbing spending should be a top priority.
Buoyed by the fiscally conservative Tea Party movement, Republicans have won a series of policy victories, including forcing $38.5bn in government spending cuts for the remainder of the current fiscal year.
'Non-starter' Mr Obama hopes to retake momentum from Republicans on the issue as the 2012 presidential campaign warms up, analysts say.
In a pre-emptive attack on Tuesday morning, Republican House Speaker John Boehner called any proposal to raise taxes "a non-starter".
Republican Representative Paul Ryan, the powerful chairman of the House of Representatives budget committee, said he was pleased Mr Obama was talking publicly about spending cuts but said: "We don't have a problem because Americans don't pay enough taxes."
Mr Ryan has outlined a 2012 plan that would slash $6.2 trillion from government spending over the next decade, in large part through cuts to government programmes that serve the elderly and the poor, analysts say.
His plan would also drastically reduce taxes for wealthy Americans, analysts say.
The House is due to vote on Mr Ryan's proposal on Friday.
US political observers expect the fight over the government budget for the fiscal year beginning 1 October to be bruising, as Republicans and Democrats push their competing visions.
Last week, the US government came within an hour of shutting down as Republican and Democratic leaders battled to reach an agreement on a budget for the next six months.
The deal reached just before midnight on Friday cut $38.5bn from the budget to 30 September.
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 Washington (CNN) -- With a short video on BarackObama.com, the sitting president of the United States has launched his bid for re-election.
Using what apparently will be one of his campaign slogans, "It begins with us," the campaign has told supporters that the kickoff of the campaign has started and that means the race for contributions is on.
The familiar-looking blue "O" over red and white stripes is back again for 2012. And at the bottom of the website, the candidates' names are clearly identified: OBAMA-BIDEN -- for Vice President Joe Biden.
Shortly afterward, Obama sent an e-mail to supporters to say he will also file papers Monday with the Federal Election Commission.
"We've always known that lasting change wouldn't come quickly or easily. It never does. But as my administration and folks across the country fight to protect the progress we've made -- and make more -- we also need to begin mobilizing for 2012, long before the time comes for me to begin campaigning in earnest," Obama said in his e-mail message.
He is expected to host his first re-election fundraiser in Chicago on April 14, according to the sources.
The president is making his campaign official slightly earlier than is typical for an incumbent so he can get a jump on fundraising in a season that's likely to shatter all records.
Obama's team has been asking campaign bundlers to raise $350,000 each, no easy task since campaign finance laws limit gifts to $2,500 per donor.
Two sources tell CNN the campaign team hopes that in total its bundlers will raise $500 million, leaving the campaign to raise another $500 million and amass a record-breaking $1 billion war chest.
According to these sources, the president has made calls to top donors, and conference calls are planned this week to supporters and key Democratic groups.
Biden is already planning to be in New Hampshire on Monday and will meet with key supporters in that crucial early voting state.
For the past few weeks, Jim Messina, who will manage the campaign, and Patrick Gaspard, executive director of the Democratic National Committee, have been flying around the country meeting with frustrated donors working to get them re-engaged.
So far no Republican contenders have formally announced. But these days, the likely Republican presidential contenders are making endless visits to key early voting states and meeting with supporters across the country.
One top Democrat says, "The Republicans are out there day in and day out beating up on the president -- they're basically running without filing. So to say we're going first isn't totally fair." This person adds, "No one wants to start running now. The president is engaged in the country, this is about getting (campaign) staff up and running."
Additionally, top Democrats say two former White House staffers are likely to set up a third-party outside spending group.
Former deputy press secretary Bill Burton and Sean Sweeney, former aide to then-Chief of Staff Rahm Emanuel, have been approached by Democratic donors who are concerned about countering the influence of Karl Rove and the Koch brothers in the upcoming 2012 election.