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**Feflyinvelf** · 02-14-2011, 01:15 PM

No surprise here, no cuts, just a freeze on already bloated spending equates to a 1.65 trillion deficit for 2012, he's really cutting back. He hires a debt commission and ignores everything they suggested. This is real leadership.

WASHINGTON – President Barack Obama is sending Congress a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit savings over the next decade through spending cuts and tax increases.

Obama's new budget projects that the deficit for the current year will surge to an all-time high of $1.65 trillion. That reflects a sizable tax-cut agreement reached with Republicans in December. For 2012, the administration sees the imbalance declining to $1.1 trillion, giving the country a record four straight years of $1 trillion-plus deficits.

Jacob Lew, Obama's budget director, said that the president's spending proposal was a balanced package of spending cuts and "shared sacrifice" that would bring the deficits under control. Appearing on ABC's "Good Morning America," Lew said that Obama's budget would "stand the test that we live within our means and we invest in the future."

Senior administration officials, who spoke on condition of anonymity in advance of the formal release of the budget, said that Obama would achieve two-thirds of his projected $1.1 trillion in deficit savings through spending cuts including a five-year freeze on many domestic programs.

The other one-third of the savings would come from tax increases, including limiting tax deductions for high income taxpayers, a proposal Obama put forward last year only to have it rejected in Congress.

The Obama budget recommendation, which is certain to be changed by Congress, would spend $3.73 trillion in the 2012 budget year, which begins Oct. 1, a reduction of 2.4 percent from what Obama projects will be spent in the current budget year.

The Obama plan would fall far short of the $4 trillion in deficit cuts recommended in a December report by his blue-ribbon deficit commission. That panel said that real progress on the deficit cannot be made without tackling the government's big three entitlement programs — Medicare, Medicaid and Social Security — and defense spending.

Obama unveils $3.73 trillion budget for 2012 - Yahoo! News

02-14-2011, 01:15 PM	#1
Feflyinvelf Join Date Oct 2005 Posts 351 Senior Member	Obama unveils $3.73 trillion budget for 2012 (merger) No surprise here, no cuts, just a freeze on already bloated spending equates to a 1.65 trillion deficit for 2012, he's really cutting back. He hires a debt commission and ignores everything they suggested. This is real leadership. WASHINGTON – President Barack Obama is sending Congress a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit savings over the next decade through spending cuts and tax increases. Obama's new budget projects that the deficit for the current year will surge to an all-time high of $1.65 trillion. That reflects a sizable tax-cut agreement reached with Republicans in December. For 2012, the administration sees the imbalance declining to $1.1 trillion, giving the country a record four straight years of $1 trillion-plus deficits. Jacob Lew, Obama's budget director, said that the president's spending proposal was a balanced package of spending cuts and "shared sacrifice" that would bring the deficits under control. Appearing on ABC's "Good Morning America," Lew said that Obama's budget would "stand the test that we live within our means and we invest in the future." Senior administration officials, who spoke on condition of anonymity in advance of the formal release of the budget, said that Obama would achieve two-thirds of his projected $1.1 trillion in deficit savings through spending cuts including a five-year freeze on many domestic programs. The other one-third of the savings would come from tax increases, including limiting tax deductions for high income taxpayers, a proposal Obama put forward last year only to have it rejected in Congress. The Obama budget recommendation, which is certain to be changed by Congress, would spend $3.73 trillion in the 2012 budget year, which begins Oct. 1, a reduction of 2.4 percent from what Obama projects will be spent in the current budget year. The Obama plan would fall far short of the $4 trillion in deficit cuts recommended in a December report by his blue-ribbon deficit commission. That panel said that real progress on the deficit cannot be made without tackling the government's big three entitlement programs — Medicare, Medicaid and Social Security — and defense spending. Obama unveils $3.73 trillion budget for 2012 - Yahoo! News
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