13 Feb '11, 6pm

Obama 2012 budget seeks $1.1 trillion deficit cuts

WASHINGTON: President Barack Obama's fiscal 2012 budget aims to cut the massive federal deficit by $1.1 trillion over 10 years, White House budget chief Jack Lew said on Sunday, warning of "tough choices" ahead. That figure is more than double the $400 billion of cuts in non-essential programmes Obama unveiled in his State of the Union address last month as part of a five-year spending freeze. The president said those savings would take place over 10 years. Lew said Obama's "responsible" budget, which the president is due to present to Congress on Monday, will also cut the ballooning deficit in half by the end of his first term in January 2013. "The challenge we have is to live within our means but also invest in the future," he added on CNN. Lew has outlined a series of targeted cuts, including $350 million from community service funding and $300 million from Community De...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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