Obama's request, including money to increase U.S. troops in Afghanistan, would push the costs of the two wars to almost $1 trillion since the Sept. 11, 2001, terrorist attacks, according to the Congressional Research Service. The additional money would cover operations into the fall.
Budget office spokesman Tom Gavin said the White House would send an official request to Congress Thursday afternoon. Congressional aides who had been briefed on the request revealed its overall cost in advance.
Obama was a harsh critic of the Iraq war as a presidential candidate, a stance that attracted support from the Democratic Party's liberal base and helped him secure his party's nomination. He opposed two infusions of war funding in 2007 after Bush used a veto to force Congress to remove a withdrawal timeline from the $99 billion measure.
But he supported a war funding bill last year that also included about $25 billion for domestic programs. Obama also voted for war funding in 2006, before he announced his candidacy for president.
The upcoming request will include $75.8 billion for the military and more than $7 billion in foreign aid. Pakistan, a key ally in the fight against al-Qaida, would receive $1.8 billion in aid.
The measure would also pay for Obama's recently announced plan to boost troop levels in Afghanistan.
The White House wants the bill for the president's signature by Memorial Day, said a House Democratic aide.
Obama announced plans in February to withdraw U.S. troops from Iraq on a 19-month timetable.
His new request would push the war money approved for 2009 to about $150 billion. The totals were $171 billion for 2007 and $188 billion for 2008, the year Bush increased the tempo of military operations in a generally successful effort to quell the Iraq insurgency.