Obama budget to cut $1.1 trillion in deficits
February 13th, 2011
12:22 PM ET
3 years ago

Obama budget to cut $1.1 trillion in deficits

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."

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Filed under: Budget • Jacob Lew • TV-State of the Union
soundoff (12 Responses)
  1. Al

    Wow! It looks like President Obama is the true conservative.

    February 13, 2011 12:33 pm at 12:33 pm |
  2. PalmReader

    "Nevertheless, this piece of the president's budget is certain to generate some of the biggest outcry since it includes cuts to programs that Democrats fiercely defend, such as heating assistance to low-income people."

    Cuts which are in line with 2008 funding, yes, CNN? Obama is bringing this amount back to what it was prior to the Stimulus Package which allocated the additional funding. How can anyone have serious conversations about potential budget cuts when the media refuses to address the truth behind either the Republican or Democratic proposed budget cuts, but instead, seek only to divide the country further?

    February 13, 2011 12:48 pm at 12:48 pm |
  3. Anonymous

    In the meantimes, Republicans forced Obama to agree to an extension of the Bush tax cuts, which will cost the Treasury more than 500 billion, and struggled to come up with 100 billion in spending cuts. They want to repeal the health care bill, but they don't tell their followers that the revenues that Democrats propose to raise to pay for the bill (increased taxes on families making over 250,000, cutting or reducing growth in Medicare spending) will disappear if there is a repeal. Republicans complained abou

    February 13, 2011 12:52 pm at 12:52 pm |
  4. fayse

    This President is working hard for the American people and we will be better off because of it. The Republicans need to work to help America instead of having tunnel vision. The care only about the Power, They don't care who it hurts.

    February 13, 2011 12:53 pm at 12:53 pm |
  5. Four and The Door

    So he can talk about literally leaving the poor out in the cold while not saying a damn word about the $60 billion tax break he gave the unions in ObamaCare? The moral of the story is that governing without a firm set of values is awkward at best. 2012 can not get here soon enough.

    February 13, 2011 01:02 pm at 1:02 pm |
  6. vic nashville tn

    No cuts on seniors program because they build nation strong time for us to take care of seniors

    No cuts on Kids and students program because they are the future generation of this nation

    February 13, 2011 01:14 pm at 1:14 pm |
  7. carrotroot

    Republicans had their chance to come up with $100 Billion in cuts ... and they fell way short of that amount. I look forward to seeing President Obama's 2012 budget tomorrow.

    February 13, 2011 01:21 pm at 1:21 pm |
  8. informed voter

    President Obama is the best thing to happen for our country and our world. He has steered us away from the cliff we were heading towards financially. He has regained our respect and support around the world. He has accomplished more positive things for average Americans in just two years than most presidents do in two terms. Though I do not agree with everything he has done (continuing the failed Bush policies in Afghanistan, for one thing), President Obama was, and is, the right person to lead our nation in these difficult times. God bless him, his family, and the United States of America!

    February 13, 2011 01:21 pm at 1:21 pm |
  9. A

    Obama has to start somewhere. As a society, we have a hard time giving up our perks. Everyone is going to have to give up something in order for us to go forward.

    February 13, 2011 01:24 pm at 1:24 pm |
  10. Rick McDaniel

    That is such BS. No President should be talking about actions that take 10 yrs. to accomplish. The only have 4 yr. term.

    Anyone buying into that, is a fool!

    February 13, 2011 01:32 pm at 1:32 pm |
  11. Four and The Door

    Rick McDaniel
    That is such BS. No President should be talking about actions that take 10 yrs. to accomplish. The only have 4 yr. term.
    _________________________________________________________________________________________________
    So true. Obama plays it both ways, though. He spends in 4 and pays for it in 10.

    February 13, 2011 01:54 pm at 1:54 pm |
  12. Lynda/Minnesota

    Oops, GOPers. Looks like GWBs unlimited, unpaid for funding of: Homeland Security, Afghan War, Iraq War, Zero Down Payment for Low Income Housing, Seniors Drug Subsidy Program (funding which went to media airwaves on drug related commercials - Cialis comes to mind), No Child Left Behind (the list goes on and on,) I.O.Us have come due. At the expense of the working class. Yep, gotta love the GOPers. Big talk . . . no solutions. BTW, Four and the Door, WE ARE ALL suffering, so stop with the class warfare, something you yourself ranted against prior to passing the tax cuts for the wealthy. Trillions of dollars were spent during the Bush years. We were all left out in the cold then, with never a word of caution or restraint coming from the very persons who now are feigning surprise at the cost of those very programs THEY supported.

    February 13, 2011 01:56 pm at 1:56 pm |