Obama seeks to cut deficit by $1.1 trillion: source
WASHINGTON (Reuters) – President Barack Obama’s proposed budget for fiscal 2012 will seek to cut the record federal deficit by $1.1 trillion over the next 10 years, a senior Democratic aide said on Sunday.
Obama, set to present his budget to Congress on Monday, intends to get two-thirds of the savings from spending cuts and one-third from tax increases, the aide said, adding it would reduce Pentagon spending by $78 billion over five years.
Pentagon cuts would include the C-17 aircraft, the alternate engine to the Joint Strike Fighter and the Marine Expeditionary Vehicle that the Defense Department says it doesn’t need.
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