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Obama seeks to cut deficit by $1.1 trillion

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(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 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.

Obama is set to present his budget to Congress Monday. He intends to get two-thirds of the savings from spending cuts and one-third from tax revenues, including by closing several tax loopholes, according to sources familiar with the budget.

A Democratic aide said the budget would reduce Pentagon spending by $78 billion over five years.

Pentagon cuts would include the C-17 aircraft, the alternate engine to the Joint Strike Fighter and the Marine Expeditionary Vehicle that the Defense Department says it doesn't need.

The $1.1 trillion in savings over the next decade is more than double the $400 billion that Obama outlined in his State of the Union address last month as part of a proposed a five-year spending freeze on non-discretionary domestic spending.

Obama, a Democrat, and Republicans in Congress have clashed over how far to go with spending cuts to trim the deficit. Obama argues that some spending increases are necessary to make the U.S. economy more competitive. Republicans are pushing for deeper cuts and oppose any tax hikes.

Republican congressional leaders said Obama's budget proposals did not go far enough to rein in spending and reduce the deficit.

"He's going to present a budget tomorrow that will continue to destroy jobs by spending too much, borrowing too much and taxing too much," House of Representatives Speaker John Boehner said on NBC's "Meet the Press."

http://www.reuters.com/article/2011/02/13/us-usa-budget-obama-idUSTRE71B1QU20110213?feedType=RSS&feedName=topNews&rpc=2

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Pentagon cuts would include the C-17 aircraft, the alternate engine to the Joint Strike Fighter and the Marine Expeditionary Vehicle that the Defense Department says it doesn't need.

C-17 - the USAF has enough to meet operational requirements. Any more is a subsidy to Boeing, if they can't sell them abroad.

JSF - the alternate engine is a must, as the primary engine has been less than stellar. That is, if they want the Thunderpig in the first place. Cancelling the whole thing would be smarter, and restarting production of the F-22 Raptor, but that would give Lockheed Martin real problems, as they're looking to make a killing from worldwide sales of a complete dud (rather like the F-104 in the 1960's).

MEV - buh bye!

Edited by Pooky

Don't interrupt me when I'm talking to myself

2011-11-15.garfield.png

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A cut of $1.1 trillion over the next 10 years is an affront to anyone who has mastered 2nd grade math.

Most American 2nd graders - even the ones who have mastered math - don't even know what affront means.

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Most American 2nd graders - even the ones who have mastered math - don't even know what affront means.

It's sad to say but there's probably a lot of American adults who don't know what it means. Maybe those adults have not mastered 2nd grade math either :o

Edited by Amby

Life is a ticket to the greatest show on earth.

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