Thursday, May 7, 2009

Obama releases budget plan details

The White House today revealed its $3.4 trillion federal budget for the coming fiscal year that includes cuts or elimination fo 121 programs for a total savings of $17 billion.

"We can no longer afford to spend as if deficits don't matter and waste is not our problem," Obama said in a statement released by the White House. "We can no longer afford to leave the hard choices for the next budget, the next administration -- or the next generation,"

"In Washington, I guess that's considered trivial," he said. "But these savings, large and small, add up." He said the cuts would save nearly $17 billion in 2010 alone, adding, "Even by Washington standards, that should be considered real money."

Republicans are opposing Obama's massive budget saying that it will increase the debt problem, but the administration claims that government spending is needed to compensate for lower consumption by consumers and businesses.

Obama Releases Details of $3.4 Trillion Budget Plan

Washington Post - ‎2 hours ago‎
President Obama announces his budget plan, which is to trim 121 government programs by $17B, as a first step with the ultimate goal to cut the deficit in half by the end of his first term.

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