NEW YORK (CNNMoney) - President Obama on Monday will propose a 2012 federal budget that the White House says will cut deficits by $1.1 trillion over 10 years.
The president's request calls for a mix of strategic spending to boost U.S. competitiveness and selective belt-tightening intended as a "down payment" on serious deficit reduction, according to his budget director Jacob Lew, who spoke on CNN's "State of the Union."FULL STORY
Watch State of the Union with Candy Crowley Sundays at 9am ET. For the latest from State of the Union click here.