- Moderator
- #1
NEW YORK (CNNMoney) -- President Obama on Monday will propose a 2012 federal budget that the White House says will cut deficits by $1.1 trillion over 10 years.
The president's request calls for a mix of strategic spending to boost U.S. competitiveness and selective belt-tightening intended as a "down payment" on serious deficit reduction, according to his budget director Jacob Lew, who spoke on CNN's "State of the Union."
Full details on the budget will be released on Monday morning.
So it's not clear yet where all of the estimated $1.1 trillion in deficit reduction will come from, or exactly how significant a swipe it makes at long-term deficit reduction.
But one chunk -- $400 billion in savings -- would result from the president's call for a five-year freeze on non-security discretionary spending.
Obama budget to cut $1.1 trillion in deficits - Feb. 13, 2011
When I first saw the headline I was almost like a kid on Christmas morning because I thought this $1.1 trillion cut from the deficit was going to be for this next fiscal year, but it's not. It's over a ten year period.
Nope, not even close to being acceptable. This goes no where near far enough.