Skip to comments.Obama plans to cut deficit by $1.1 trillion
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 ...
lets see... increase spending by 14 trillion (over the next en years) then cut spending by 1.1 trillion (over the next 10 years)
journalism is so dead in this country..
What’s he going to do? Repeal the garbage he passed in the first half of his term that tacked on these trillions in the first place?
Yes, Michelle,, You are a lucky women.
Somehow he has us giggling all the time.
See,, we don't have to cut anything! :>
“Reducing the deficit” is lib-speak for increasing the size of government while raising taxes.
The goal is reducing the size of government, not reducing the deficit. Let’s hope the GOP in congress don’t lose site if this.
Remind me again how much he added to the deficit with his Stimulus Plan and the Stimulus Plans v2 and v3...
So he’s going to cut it by $110 billion a year? Holy cow that is $10 billion more than the $100 billion in cuts proposed by the GOP that he called too deep.
“....and one-third from tax revenues...”
You can be SURE that this underestimates what he will try to do.
How about cutting $1.1 trillion THIS YREAR??
No trains, no wireless net for everyone, no phones for welfare recipients, no free cable TV for welfare recipients.... just stop it already
Did Madoff do the accounting? This one is going to have more cooked books than Global Warming.
Pray for America
Smoke, meet mirror.
It it has to do with the Military 0 will gut it. If it has to do with Seniors 0 will gut it. We tend to vote GOP.
Aren’t we presently borrying $1.5 trillion a year just to keep the lights on?
He will be cutting spending by $110B and increase investment by $120B.
* Repeal 0bama care
* Close the Dept of Education
* Close the EPA
* Cut budges for regulatory agencies in half
* Roll-back congressional pay for *ALL* staff to 80% its current level.
* Force all all government employees, especially Congress, to surrender their retirement package to Social Security and participate in that program.
* Outlaw unions in any and all government jobs.
The collection and dissemination of information about current events, people, trends, and issues, is apparently alive and well, by a citizen journalist, in post number two of this thread.
This 10-year accounting horizon is a house of mirrors. Zer0’s gaonme long b4 that. We need to stick to the next two years.