Posted on 02/13/2011 10:09:27 AM PST by NormsRevenge
WASHINGTON (Reuters) – President Barack Obama's proposed budget for fiscal 2012 will seek to cut the record federal deficit by $1.1 trillion over the next 10 years, White House budget director Jack Lew said on Sunday.
Lew, speaking on CNN, said the president was also on track to halve the budget deficit by the end of his first term in office, which goes through 2012.
But Republicans, who control the House of Representatives, said the spending cuts in the president's budget to be released on Monday were not enough.
"We are reducing programs that are important programs that we care about, and we're doing what every family does when it sits around its kitchen table: we're making the choices about what do we need for the future," Lew said.
"We have a responsible budget that will cut in half the deficit by the end of the president's first term." [ For complete coverage of politics and policy, go to Yahoo! Politics ]
The White House sees the budget as a starting point for a debate on spending and reducing the deficit, forecast to reach $1.48 trillion this fiscal year, or 9.8 percent of U.S. GDP. This would be down from 10.0 percent of GDP in 2010, but still very high for the United States on a historical basis.
The 2012 fiscal year begins on October 1.
The White House intends to get two-thirds of the $1.1 trillion in savings from spending cuts and one-third from tax revenues, including by closing several tax loopholes, according to sources familiar with the budget.
(Excerpt) Read more at news.yahoo.com ...
journalism is so dead in this country..
He has a plan. He will simply print more money to pay down the deficit.
What a used car salesman this President is. Another Joe Wilson moment Mr. president YOU LIE!
The Obama Administration is the ultimate BS machine... spin, lie, distort, obfuscate, etc., etc., etc...
I’ll believe it when I see it. Is that what the teleprompter told him to say?
Keep your eyes to the sky. A Cow may be falling from it on the way down from its jump over the Moon.
Over ten years. With an annual deficit of $1.5 trillion, we need to reduce spending by $1.1 trillion per year.
Even better:
Cut spending by 3 trillllllion (over 100 years)
FUBO!!!!
We would not be seeing this headline if Pelosi was still in the Chair.
We would not be seeing this headline if Pelosi was still in the Chair.
We would not be seeing this headline if Pelosi was still in the Chair.
It is interesting to note that he hated paper money, and now has his portrait on the $20 bill.
That's like saying, "I'll just apply for 10 new credit cards (to transfer balances to) instead of the 20 I would have done."
So what about this year’s budget? Hmmmmm???????
Obama still doesn’t get it.
And where are the cuts in each division and department of government? Maybe start at the top with Obama’s salary and perks and work the way down. Nah! Obama said we would have to sacrifice; he didn’t say HE would have to sacrifice.
It's now “borrow, piss away and confiscate”.
If I spoke my mind I would be arrested.
Sorry for the triple.
(I don't mean the one he sleeps with, but that could also save a billion.)
It's all smoke and mirrors. Building trains and subsidized green jobs aren't going to work.
And there should be a law that all budget predictions have to be on an annual basis, not this ten year business that makes the savings seem bigger.
Most of the true ‘cuts’, as opposed to scale backs on money yet to be spent, will be from the defense department. The rest is just bookkeeping tricks and new taxes. There is NO comparison to the GOP proposal. It’s simply a big smoke screen to keep his redistribution schemes intact at the expense of our national security and peace keeping super power status.
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