Obama's cuts: Real deal or dud?
OMBDirector Jacob Lew (R) is handed a copy of the FY 2012 U.S. Government budget by Public Printer of the United States Bill Boarman
February 11th, 2011
09:32 AM ET

Obama's cuts: Real deal or dud?

By CNNMoney senior writer Jeanne Sahadi

NEW YORK (CNNMoney) - This much is a shoo-in: President Obama will spell out hundreds of billions in spending cuts in his 2012 budget request on Monday.

What's unclear is how far his fiscal plan will go in taming U.S. debt.

Obama did promise last summer that this budget request would call the bluff of anyone who talks a good game on debt reduction but doesn't act.

Budget experts have made clear the kinds of measures they would consider serious bluff-calling. He could embrace his own bipartisan debt commission's plan, which would reduce deficits by $4 trillion over a decade. He could show a willingness to raise taxes on everyone - not just the rich. He could tackle Social Security and other entitlement programs.

Check out the complete story on CNNMoney.

Topics: Budget • President Obama • The News

soundoff (5 Responses)
  1. Tomaz

    End the God damned was and stop build prisons and bringing drugs in this country and quit spending tax payers money for all the wrong reason. We go for Restorative justice system and start turning things around to save the economy. Making these noble moves and reducing education cost will help creates a great legacy for u Mr. Obama.

    February 12, 2011 at 1:43 am |
    • RightTurnClyde

      You make a good point. With computer tracking of ankle bracelets 95% of who is in prison can be released and earning a living. Prisons are an outdated and ineffectual way of dealing with a criminal (just like colonial stockades). Three strikes - terrible law. Foolish.

      February 13, 2011 at 2:41 pm |
  2. Daniel Bingamon

    The budget don't need a scalpel, it needs a chain saw.

    February 12, 2011 at 5:31 pm |
  3. RightTurnClyde

    People .. surely you can see through all of this: they are broke! They cannot pay the INTEREST on their debt. There is no cash. They have taxed EVERYTHING. The bonds are A- going on B. The states (most of them) aare broke too (for the same reason) and the cities (bankrupt). The party is over and they are blaming each other (for votes) BUT they all know (and the all KNEW) It's no secret. They cannot afford health care, medicare, social security, student loans, veterans benefits, pensions (federal pensions), roads, prisons, community development, This is where the spending spree ends. They actually ran out of money back during Jimmy Carter (that long a go) and everything (even then) was borrowed. The arguments are over paying the interest. Now they cannot afford it .. and nobody wants their debt. (they have a 500 FICO - or less)

    February 13, 2011 at 2:37 pm |
    • Gary A Anderson

      The Obama Plan cannot afford health care, medicare, social security, student loans, veterans benefits, pensions (federal pensions), roads, prisons, community development, but it ca afford to give money to gang members to remove its tattoos on our money? What is wrong with that statement? It too can cause a tremendous amount of trickle down economics from job lose to business foreclosure because of its stance with NOAA and the budgeting there of in Sector Separation to Catch Shares based on flawed to out of date data and the signing by the President of two needless bills right out of the days of McCarthyism; The American Recovery and Reinvestment Act of which measures are nominally worth $787 billion & the Omnibus Appropriations Act, an additional $410 billion in spending. Both to which had over 7,700 earmarks included in them. These bills fund NOAA & NMFS along with private foundations such as EDF & PEW in placing geo-chips in boats, putting up geo-fencing on our oceans and spying on all who use the water, an invasion of yours and my privacy on our dime!

      March 11, 2011 at 1:58 pm |