WASHINGTON (CNN) – President Obama said Tuesday that his administration has identified $2 trillion in government spending cuts that can be made over the next decade.
Speaking in his first address to a joint session of Congress, Obama said the cuts were identified as his staff has gone "line by line" over the federal budget, with a goal of cutting the federal deficit in half by the end of his first term.
"In this budget, we will end education programs that don't work and end direct payments to large agribusinesses that don't need them," Obama said.
Watch: Obama lays out budget goals
"We'll eliminate the no-bid contracts that have wasted billions in Iraq, and reform our defense budget so that we're not paying for Cold War-era weapons systems we don't use."
He also said he will target waste, fraud and abuse in the Medicare system and "restore fairness and balance" to the tax code.
ARE YOU STILL LAUGHING AT JINDAL, WHAT A REPUBLICAN JOKE.
this sounds good but one question, how are they going to know if the line item works or not?
My president, I mean, OUR president inspires me and I haven't been inspired since JFK. Makes me want to go out and work in my community. I am so proud to have a president who is the People's President.
now balance to the tax code. let me think,
i know someone has read it and understood it but it wasnt me.
i read some and had no clue. so how are they going to do balance?
and as far as fair i havent seen that yet.
just look at the audit's and the immediate action to freeze everything you own and dont own.
I'll believe it when I see it.
That's great, but over 10 years (which is the scope he said that he could find $2T), we will have budgets on the order of $35T. So what he really said was that he found a way to save about 6% of the budget. Granted, that's a good start, but that will hardly cut into those $1T deficits as far as the eye can see. Hopefully he will find much more.
Thank you, President Obama I'm 50 yr's old, but I care for my 4 grand,(6, 5, (2)4).
We'll see if the Repugs can be non-hypocritical in one instance, and follow their principles by supporting the spending cuts proposed by Obama
Let's see... $2 billion over 10 years. That's $1 billion over five years. So Obama blows in one month a wad that it'll take half a decade to save.
Good old Washington economics...
WHY,,,,,,,,,,,DIDN'T,,,,,,,,,,YOU,,,,,,,,,,,,CUT,,,,,,,,,THAT,,,,,,,,,,,BEFORE ? ? ?
This is ridiculus!!! He is in over his head... Ears too. We are screwed!!!
Except that since he doesn't have a line-item veto, it means absolutely nothing!
Thtas more like it!
Cutting the size of governemnt rather than expanding it.
Maybe theres hope for Obama after all!
Christ-on-a-crutch, will you look at that photo, for Pete's Sake? It looks like "the nattering nabobs of nit-wit-ism."
You want to restore "fairness" to the tax code? Fine, make it an even 12% for ALLLLL Americans regardless of their income and success. Dr. Martin Luther King said, "I have a dream that one day this nation will rise up and live out the true meaning of its creed: 'We hold these truths to be self-evident: that all men are created equal.'"
If we're all equal, why are some forced at gunpoint to hand over MORE of what they have earned than the next person, while others contribute nothing at all?
"There can be no liberty unless there is economic liberty."
Cuts in Defense.
Obama just finish pushing through with interest over a trillion dollars of spending, which 80% of the people you talk to agree it had alot of pork and alot of UNNECCESARY spending in it.
Now he wants to cut out waste and unnecessary spending, and go through the budget line by line.
Why didn't he go through the so called stimulous pkg. line by line, he should have started the spending cutting with that.
To spend 2 trillion between the bail out and the stimulous just to cut back 2 trillion is like taking 2 steps forward two steps back, where does it take you? NO WHERE!
A month into office and he finds 2 trillion dollars to cut...I think this just illustrates how pathetic the Bush administration really was.