US BudgetRecap:Obama Tip-Toes Out of Startng Blcks W/FY12 Plan
–Obama’s FY12 Budget Proposes $1.1 Trillion In Ten Year Savings
–Obama Says ‘Further Steps’ To Reduce Budget Deficit Are Needed
–House Budget Chief Ryan Calls Admin Plan A ‘Duck’ From Hard Choices
–Senate Budget Chief Conrad Says Admin Plan Is Okay For One Year
WASHINGTON (MNI) – President Obama released this week his fiscal
year 2012 budget which calls for $1.1 trillion in ten year savings with
about two thirds coming from spending savings and one-third from revenue
increases.
Obama’s FY12 budget sees budget deficits of $1.65 trillion in the
current year, FY11, and $1.1 trillion in FY 12.
According to the administration’s plan, cumulative deficits between
FY12 and FY16 will be $3.769 trillion and cumulative deficits over th
FY12-21 period will be $7.205 trillion.
The president’s plan to secure $1.1 trillion in savings relies
heavily on his proposal to freeze large portions of the discretionary
budget for five years. That secures $400 billion in savings.
Under the president’s plan for FY12, spending will reach $3.7
trillion while revenues generate $2.627 trillion.
Senate Budget Committee Chairman Kent Conrad said the president’s
plan “gets it about right for the first year,” but then falls short.
“We need a much more robust package of deficit and debt reduction
over the medium-and long term,” Conrad said in a statement. He repeated
his pleas for a “bipartisan” process to tackle longer-term deficits.
House Budget Committee Chairman Paul Ryan was far more dismissive,
blasting the plan as little more than a tactical placeholder designed to
force Republicans to take the heat for offering a more aggressive fiscal
plan.
Read More:US BudgetRecap:Obama Tip-Toes Out of Startng Blcks W/FY12 Plan
–Obama Says ‘Further Steps’ To Reduce Budget Deficit Are Needed
–House Budget Chief Ryan Calls Admin Plan A ‘Duck’ From Hard Choices
–Senate Budget Chief Conrad Says Admin Plan Is Okay For One Year
WASHINGTON (MNI) – President Obama released this week his fiscal
year 2012 budget which calls for $1.1 trillion in ten year savings with
about two thirds coming from spending savings and one-third from revenue
increases.
Obama’s FY12 budget sees budget deficits of $1.65 trillion in the
current year, FY11, and $1.1 trillion in FY 12.
According to the administration’s plan, cumulative deficits between
FY12 and FY16 will be $3.769 trillion and cumulative deficits over th
FY12-21 period will be $7.205 trillion.
The president’s plan to secure $1.1 trillion in savings relies
heavily on his proposal to freeze large portions of the discretionary
budget for five years. That secures $400 billion in savings.
Under the president’s plan for FY12, spending will reach $3.7
trillion while revenues generate $2.627 trillion.
Senate Budget Committee Chairman Kent Conrad said the president’s
plan “gets it about right for the first year,” but then falls short.
“We need a much more robust package of deficit and debt reduction
over the medium-and long term,” Conrad said in a statement. He repeated
his pleas for a “bipartisan” process to tackle longer-term deficits.
House Budget Committee Chairman Paul Ryan was far more dismissive,
blasting the plan as little more than a tactical placeholder designed to
force Republicans to take the heat for offering a more aggressive fiscal
plan.
Read More:US BudgetRecap:Obama Tip-Toes Out of Startng Blcks W/FY12 Plan
