–White House Budget Chief: New Budget Is ‘Important Beginning’
–OMB’s Lew: Budget Will Offer $400 Billion In Discretionary Savings
–OMB’s Lew: New Budget ‘Makes Tough Choices’
–OMB’s Lew: Admin Wants To Work With GOP To Fix Long-Term Budget
By John Shaw
WASHINGTON (MNI) – President Obama will formally unveil later today
a fiscal plan that secures $1.1 trillion in ten-year savings, laying the
foundation for a bipartisan effort to tackle the daunting long-term
fiscal outlook, White House budget director Jack Lew said.
Obama will formally unveil his budget at 10:30 a.m. EDT.
In an interview on CNBC, Lew said Obama’s fiscal year 2012 budget
is “an important beginning” that makes “tough choices.”
Lew said the plan will secure about $400 billion in savings from
non-security discretionary programs by instituting a five year freeze.
According to various reports, the administration’s budget envisions
a $1.6 trillion deficit in the current 2011 fiscal year and $1.1
trillion in FY’12, the first year of the new ten year plan.
Lew said the administration’s budget is a critical step to begin
stabilizing the nation’s rising deficits and debt, adding that
additional deficit reduction efforts will be needed.
“This is a downpayment,” he said.
Lew said the administration’s budget will incorporate “many ideas”
from the Simpson-Bowles deficit reduction plan, including endorsing
corporate tax reform and medical malpractice reform.
Lew said more comprehensive efforts to overhaul the nation’s
entitlement programs must be confronted on a “bipartisan basis.”
Lew said the administration remains hopeful that it will be able to
resolve FY’11 funding issues. The 2011 fiscal year began last October.
The current stop-gap spending bill that is funding the federal
government expires March 4.
Lew said it is important to avert a government shutdown.
** Market News International Washington Bureau: (202) 371-2121 **
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