February 1st, 2010
06:17 AM ET
8 years ago

Obama maps route to lower deficits

President Obama's new budget will be released on Monday.

President Obama's new budget will be released on Monday.

New York (CNNMoney.com) - In his $3.8 trillion budget for next year, President Obama on Monday will lay out how Congress can lighten the country's debt load.

Specifically, he outlines a plan to reduce the nation's debt by $1.2 trillion over the next 10 years, and to get annual deficits as a percent of the economy down from 10.6% today, to 3% by 2015.

His plan consists of seven main pieces, some of which bank on some big assumptions.

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Filed under: Budget • CNNMoney.com • Peter Orszag • President Obama
soundoff (31 Responses)
  1. Trim spending, please.

    Unfortunately, this is all talk. Obama is half-heartedly trying to appease the independent voters enough to allow him to finish the ideological takeover that he started in 2009.

    Much like his joke, 'the spending freeze', he's just throwing them a bone.

    February 1, 2010 10:31 am at 10:31 am |
  2. buckwheat

    If he wants to help the economy make sure every city and federal worker is leaning on a shovel made in America and not one made in China. We have no jobs because the sorry assed American businessman who inherited the business world from their fathers and grandfathers sold us out.

    February 1, 2010 10:38 am at 10:38 am |
  3. Hugo

    Quick, someone calculate the interest on our current National debt at even 1% and see what the number equates to in 10-years....
    ENRON was a mere rookie at juggling the books when compared to Washington and the Democrats!

    February 1, 2010 10:43 am at 10:43 am |
  4. getReal

    Stop ALL entitlement programs. Let the weak and lazy die off and this nation will become strong again. Why do we invest so much into those that provide nothing in return. A chain is only as strong as its weakest link, and we now reward the weak links. No wonder we are falling behind the rest of the world.

    February 1, 2010 10:47 am at 10:47 am |
  5. George Guadiane - Austerlitz, NY

    I ALREADY KNOW that RepubliCAN'TS are going to find every weakness and make up tons of stuff unrelated to anything that President Obama says or will have said, so, moving on from there:

    Can ANY of you tell me of ANY president of this country who has made these projections (based on "some big assumptions") and ended up seeing them done? Then CUT THE GUY SOME SLACK and, if you agree with and can see the way it could work, HELP HIM GET IT DONE!
    We (a majority of ALL Americans) voted him into office, based on his campaign promises. NOW, most of America is trying to keep him from accomplishing his goals – goals that we signed on to. How does THAT work?

    February 1, 2010 10:50 am at 10:50 am |
  6. fair

    How can we trust him again? When he asked Congress to approve his first stimulate plan, he said the unemployee rate would be controlled under 8% with his plan. Now he is starting another plan with some big assumptions. He is going to destroy this country.

    February 1, 2010 10:54 am at 10:54 am |
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