Obama seeks to cut deficit by $1.1 trillion: source

By Reuters
Sunday, February 13, 2011 15:44 EDT
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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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  • http://www.BaltimoreGreenCurrency.org Shrapnel

    Cuts Pentagon spending by $78 billion over five years. What bullshit – the rise in the price of oil will obliterate that, and then some. If he really wants to save money he should end the stupid drug war and close down the nasty fascist CIA, stop wasting money on fake terrorist plots designed to sell fake security theater to the traveling public. Shutter Homeland stupidity and close down a few hundred overseas military bases. This is no more than a gesture, designed to empower the Republican’s efforts to decimate medicare and pillage social security. We need some serious Egypt right here.

  • Anonymous

    … and will make sure that Wall Street will continue to get bailouts and tax breaks.

    And the Wimpocrats in Congress, led by Reid and Pelosi, will do everything possible to make that happen.

  • http://pulse.yahoo.com/_L3CO7EDEIVXRO47OAWUBUUBJXA Textynn Textynn

    I know what Obama can do to save money and actually put money back in the hands of government. Tax the rich and make it illegal to place money off shore so it can’t be taxed. Oh never mind.