Obama names special watchdog for federal spending

[bk1983]

WASHINGTON – President-elect Barack Obama said Wednesday that reforming massive government entitlement programs — such as Social Security and Medicare — would be "a central part" of his effort to control federal spending.

Obama made the pledge but provided few details as he named Nancy Killefer as his administration's chief performance officer, creating a new White House position aimed at eliminating government waste and improving efficiency.

Noting that the Congressional Budget Office had just estimated he would inherit a $1.2 trillion federal deficit for fiscal 2009, Obama promised to cut unnecessary spending.

"We expect that discussion around entitlements will be a part, a central part of those plans," Obama said. "And I would expect that by February in line with the announcement of at least a rough budget outline we will have more to say about how we're going to approach entitlement spending."

For the first time, Obama gave a ballpark price tag for his massive economic plan aimed at generating jobs and jolting the country out of recession. Aides have said it could cost as much as $775 billion over two years. Outside economists have suggested as much as $1.2 trillion would be needed.

"We expect that it will be on the high end of our estimates but will not be as high as some economists have recommended because of the constraint and concerns we have about the existing deficit," Obama said.

He plans to give a speech on the economy at George Mason University in Virginia on Thursday to lay out his reasons why Congress should quickly pass his still-evolving economic plan.

Obama names special watchdog for federal spending - Yahoo! News

 

[auditor0007]

The approach to entitlement spending? Changing the approach is not going to cut costs of either SS or Medicare. Changing the levels of benefits and/or when people can begin collecting those benefits is the only way to reduce the costs of either program. You can't just wish the costs will reduce themselves.

Of course, the main reason these two programs have not been properly addressed at any time in the past is that it tends to be political suicide. It's about time our reps step up to the plate and address these issues honestly.