Monday, February 14, 2011

Navigating the 2012 Obama Budget

Updated 4 p.m. est

Drudge headline and link: "DEBT NOW EQUALS ENTIRE US ECONOMY"
The Nation: "The Obama Budget: Challenging or Appeasing the GOP?"

President Obama proposed a $3.73 trillion budget that slashes popular programs and could challenge the will of Congress to make painful cuts in order to cut into a projected record $1.6 trillion federal deficit for 2012. Early highlights of the budget include:

  • Plans to reduce the federal deficit by $1.1 trillion over the next decade through spending cuts and tax increases.
  • Estimated savings of $33 billion in 2012 by eliminating or reducing the size cut of more than 200 programs.
  • Creates new revenue of about $46 billion over 10 years by eliminating some tax breaks to oil, gas and coal companies.
  • Trims $78 billion in Pentagon spending from "unnecessary" weapons programs over 10 years.
  • Leaves Social Security and Medicare virtually untouched.
President Obama via "The Newshour" on PBS:

National coverage of the FY2012 budget proposal:
The New York Times
The Wall Street Journal
National Journal

The Wall Street Journal
National Journal
Andrew Sullivan, The Atlantic
Andrew Stiles, National Review
Additional links here from

Official links (Live after 10:30 a.m est)
White House Budget
Office of Management and Budget
OMB director Jack Lew, White House blog

Official reaction to 2012 budget (links to official statements)
House Speaker John Boehner
House Democratic leader Nancy Pelosi
Senate Democratic leader Harry Reid
Senate GOP leader Mitch McConnell 

Budget Director Jack Lew

This site will updated.

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