Emeritus News-Daily Updates on Issues and Public Policy

More from the Emeritus Newsroom- The Congressional Budget Office (CBO) projects a $1.1 trillion federal budget deficit for fiscal year 2012 if current laws remain unchanged. Measured as a share of the nation’s output (gross domestic product, or GDP), that shortfall of 7.0 percent is nearly 2 percentage points below the deficit recorded in 2011, but still higher than any deficit between 1947 and 2008. Over the next few years, projected deficits in CBO’s baseline decline markedly, dropping to under $200 billion and averaging 1.5 percent of GDP over the 2013–2022 period.

Outlays in CBO’s baseline projections decline modestly relative to GDP over the next several years before turning up again later in the decade. The modest declines are the result of an expanding economy and statutory caps on discretionary appropriations. The aging of the population and rising costs for health care drive increases in spending in later years.

Projected spending in CBO’s baseline averages 21.9 percent of GDP over the 2013–2022 period. That figure is less than the 23.2 percent CBO estimates for 2012, but it remains elevated by historical standards. As a share of GDP, discretionary spending is projected to decline to its lowest level in the past 50 years by 2022, but that decline will be partially offset by increases in spending for mandatory programs, which are projected to climb from 13.3 percent of GDP in 2013 to 14.3 percent in 2022. Driven by higher interest rates and additional accumulation of debt, net interest costs will grow significantly—from 1.4 percent of GDP this year to 2.5 percent in 2022.

HOUSE REPUBLICANS EAT CROW / APPROVE BI PARTISAN SENATE EXTENSION FOR PAYROLL TAX CUT AND UNEMPLOYMENT BENEFITS / PRESIDENT SIGNS

More from the Emeritus Newsroom- House Republicans finally relented Thursday night, and Friday, President Obama signed the temporary, two month extension, of the payroll tax cut and unemployment benefits. The vote was a setback for House conservatives, who had hoped to win more concessions from Senate Democrats on means testing and drug tests for unemployment benefits. House Republicans had balked at the bipartisan Senate extension, despite most Senate Republicans approving it, last week, before leaving town.

"For the past several weeks, I’ve stated consistently that it was critical that Congress not go home without preventing a tax increase on 160 million working Americans. Today, I congratulate members of Congress for ending the partisan stalemate by reaching an agreement that meets that test.

Because of this agreement, every working American will keep his or her tax cut – about $1,000 for the average family. That’s about $40 in every paycheck. Vital unemployment insurance will continue for millions of Americans who are looking for work. And when Congress returns, I urge them to keep working to reach an agreement that will extend this tax cut and unemployment insurance for all of 2012 without drama or delay".

SENATE AND HOUSE REPUBLICANS SPAR AS DEADLINE NEARS FOR END OF TAX BREAKS AND UNEMPLOYMENT BENEFITS

More from the Emeritus Newsroom- :House Republicans continue to balk at the Bi-Partisan Senate bill that was spassed to extend the payroll tax cut and unemployment benefits into 2012. House Republicans say they are not against a payroll tax cut, but are holding out to force the Senate and President Obama to make more budget cuts and add means testing and drug testing in order to qualify for unemployment benefits, among other issues. See White Board video below for explanation on potential effects for wage earners.

AUTOMATIC SPENDING CUTS FACING U-S AFTER COLLAPSE OF "SUPERCOMMITTEE" -VOICE OF AMERICA YOUTUBE REPORT (3 MINUTES)- 11/23/2011

CENSUS BUREAU RELEASES STATE RANKINGS BY FEDERAL DOLLARS RECEIVED / BREAKDOWN OF AMOUNTS BY AGENCY

More from the Emeritus Newsroom - Highlights of a federal spending report, released today by the Census Bureau reveals the following,

• Federal domestic spending increased 2.4 percent in fiscal year 2010 to $3.3 trillion. The 2010 spending total is equivalent to $10,612 per person living in the United States. Federal spending includes expenditures or obligations for grants, salaries and wages, procurement contracts, direct payments for individuals for retirement and disability, and other direct payments.
• Entitlement programs Medicare, Medicaid, and Social Security comprised 47.4 percent of all funding, or $1.6 trillion. Social Security alone accounted for $743.2 billion of that total.
• States with the highest per capita federal spending were Alaska ($17,762), Virginia ($17,008), and Maryland ($16,673). States with the lowest were Nevada ($7,321), Minnesota ($8,367), and Utah ($8,519).

2010 Federal Expenditures or Obligations by Category
Grants
• Federal spending for grants in fiscal year 2010 totaled $683.4 billion, or 20.9 percent of all federal spending. Three federal departments accounted for 77.6 percent of all federal grants money in 2010—Health and Human Services ($407.4 billion), Transportation ($64.3 billion), and Education ($58.4 billion).

Salaries and Wages
• Salaries and wages for federal employees accounted for $342.9 billion (10.5 percent) of all federal spending. The largest share of this category went to Department of Defense payrolls (53.1 percent), federal civilian payrolls (29.3 percent), and U.S. Postal Service payrolls (17.6 percent).

Procurement Contracts
• Procurement contracts totaled $516.7 billion, or 15.8 percent of federal spending. The largest share of contracts were awarded by the Department of Defense ($331.2 billion), followed by all other federal government except the U.S. Postal Service and Department of Defense ($170.4 billion), and the U.S. Postal Service ($15.3 billion).

Direct Payments for Individuals for Retirement and Disability, and Other Direct Payments
• Retirement and disability accounted for 27.9 percent of all federal spending at $914.8 billion, while other direct payments (e.g., housing assistance, unemployment compensation, Medicare) made up 25.0 percent at $818.6 billion.

Other Highlights
• The federal government committed $1.8 trillion in direct loans, guaranteed or insured loans, and insurance. Direct loans were $88.5 billion, led by federal direct student loans ($73.0 billion). Guaranteed or insured loans totaled $426.6 billion, led by home mortgage insurance loans ($275.2 billion). Insurance totaled $1.3 trillion, with the largest share going to flood insurance ($1.2 trillion).

SENATE PASSES STOPGAP FUNDING BILL / INCLUDES MONEY FOR FEMA /SHUTDOWN AVERTED

More from the Emeritus Newsroom- The U-S Senate tonight averted a government shutdown this weekend as Senate Democratic leaders and some Republican members struck a deal over (HR 2608, click here), to give FEMA $2.65 billion for disaster funding and pay for government operations through November 18th.

The deal was reached after FEMA officials said they could get through the end of the week, which is also the end of the fiscal year. As their real time accounting software caught up with what has been spent, it became apparent the agency would not run out of money today, as was first feared.

That gave negotiators for both sides more breathing room to come up with a deal, and cut a billion dollars, at least for now, from what FEMA would get. Still, with the still rising costs of recent disasters from fires in the southwest and flooding in the midwest, south and northeast, some Democratic leaders think the FEMA fund will have to be increased to be given an infusion of another $3-4 billion, sometime in the next 6-9 months.

“Tonight, we rejected the idea that we should be forced to choose between American jobs and disaster relief, and forged an agreement that will provide suffering Americans from Missouri to Vermont the resources they need to piece their lives back together. We saved 45,000 manufacturing jobs at a time when our nation can ill afford more unemployment, and avoided an unnecessary government shutdown. When our fellow Americans are in crisis, we must make sure they get the aid they need without delay, not engage in a political debate. This vote upholds that principle.

“I hope the House will return to work this week and finish the job on this bill. I am optimistic that the we will be able to continue to find common ground as we work to address our nation’s priorities over the next few months.”

OBAMA SENDS PLAN TO CONGRESS CALLING FOR TAX INCREASES ON THE WEALTHY / DETAILS BUDGET CUTS

More from the Emeritus Newsroom- Explaining the country can no longer tolerate a tax code that taxes billionaire Warren Buffett's secretary at a higher rate than Buffett, President Obama released his proposal to congress to raise tax rates for the rich, along with other ideas for possible budget cuts. The President said this morning in his address from the Rose Garden that Americans want what they have grown up to believe.

Obama said, "They believed in a country where everyone gets a fair shake and does their fair share; they
believed that if you worked hard and played by the rules, you would be rewarded with a decent
salary and good benefits. If you did the right thing, you could make it in America.
For decades now, Americans have watched that compact erode. They have seen the decks too often
stacked against them. And they know that Washington has not always put their interests first. Too
often, our Nation’s capital has been consumed by partisanship. Too often, the needs of special interests
or politics have been put ahead of what is best for the country. That is what must change. The American people work hard to meet their responsibilities. Now, as the Nation
faces an economy that is not growing and creating jobs as it should, so must its leaders. While the continued
recovery of our economy will be driven by the businesses and workers across our land, policymakers in
Washington can take steps to help Americans right now and set the most favorable conditions we can for
growth and job creation for years to come. We can live within our means and invest for the future".

"The Budget Control Act that I signed into law last month will cut annual Government spending by about $1 trillion over the next 10 years. It also charges the Joint Select Committee on Deficit Reduction with finding an additional $1.5 trillion in savings. As part of this jobs bill, I am asking the Congress to increase that amount so that it covers the full cost of the American Jobs Act. For this reason, I am sending to the Congress this detailed plan to pay for this jobs bill and realize more than $3 trillion in net deficit reduction over the next 10 years. Combined with the approximately $1 trillion in savings from the first part of the Budget Control Act, this would generate more than $4 trillion in deficit reduction over the next decade. This would bring the Nation to the point where current spending is no longer adding to our debt and where our debt is no longer increasing as a share of our economy—an important milestone on the way to restoring fiscal discipline and moving us toward balance".

Obama outlined some cuts that will likely provoke resistance among seniors and the armed forces. He said his proposal , "... includes nearly $580 billion in cuts and reforms to mandatory programs, of which $320 billion is savings from Federal health programs such as Medicare and Medicaid. These changes are necessary to maintain the promise of Medicare as we know it. The plan also realizes more than $1 trillion in savings over the next 10 years from our drawdowns in Afghanistan and Iraq. And the plan calls for the Congress to undertake comprehensive tax reform that lowers tax rates, closes loopholes, boosts job creation here at home, cuts the deficit by $1.5 trillion, and observes the Buffett Rule—that people making more than $1 million a year should not pay a smaller share of their income in taxes than middle-class families pay. To assist the Committee in its work, I also included specific tax loophole closers and measures to broaden the tax base. Together with the expiration of the high-income tax cuts from 2001 and 2003, these measures would be more than enough to reach this $1.5 trillion target. They include cutting tax preferences for high-income households, eliminating tax breaks for oil and gas companies, closing the carried interest loophole for investment fund managers, and eliminating benefits for those who use corporate jets".

SENATE APPROVES DEBT AND BUDGET DEAL / PRESIDENT WILL SIGN

More from the Voice of America and the Emeritus Newsroom- The U.S. Senate voted Tuesday to settle the political battle over the country's growing debt, passing a bill that will cut spending and raise the nation's borrowing limit.

Senators approved the compromise measure (74-26) worked out by Republican leaders and President Barack Obama, less than 12 hours before the government ran out of money. President Barack Obama has said he will sign the bill into law.

The compromise allows the government to continue borrowing money through 2012 in exchange for spending cuts of almost $1 trillion over the next 10 years.

During a speech in the Rose Garden following the vote President Obama told reporters, "This is the first step. It requires the political parties to work together. In the coming months, I will continue to fight for jobs, higher wages and faster economic growth. While deficit reduction is part of the agenda, it is not the whole agenda".

Obama also called for congress to turn their attention to job creation, unemployment benefits, and improvement of the business climate. Obama also called for an end to the stalemate of the FAA budget, which has sidelined an estimated 70,000 construction workers involved with airport projects, and 4,000 other agency employees since last Friday. Democratic leaders claim the impasse is related to a union dispute with Delta Airlines.

CBO SAYS NEW DEBT AND BUDGET DEAL WOULD REDUCE SPENDING BY MORE THAN 2 TRILLION OVER NEXT TEN YEARS

More from the Emeritus Newsroom- The Congressional Budget Office (CBO) has estimated the impact on the deficit of the Budget Control Act of 2011, as posted on the Web site of the House Committee on Rules on August 1, 2011. The legislation would:

Establish caps on discretionary spending through 2021;
Allow for certain amounts of additional spending for "program integrity" initiatives aimed at reducing the amount of improper benefit payments;
Make changes to the Pell Grant and student loan programs;
Require that the House of Representatives and the Senate vote on a joint resolution proposing a balanced budget amendment to the Constitution;
Establish a procedure to increase the debt limit by $400 billion initially and procedures that would allow the limit to be raised further in two additional steps, for a cumulative increase of between $2.1 trillion and $2.4 trillion;
Reinstate and modify certain budget process rules;
Create a Congressional Joint Select Committee on Deficit Reduction to propose further deficit reduction, with a stated goal of achieving at least $1.5 trillion in budgetary savings over 10 years; and
Establish automatic procedures for reducing spending by as much as $1.2 trillion if legislation originating with the new joint select committee does not achieve such savings.

If appropriations in the next 10 years are equal to the caps on discretionary spending and the maximum amount of funding is provided for the program integrity initiatives, CBO estimates that the legislation—apart from the provisions related to the joint select committee—would reduce budget deficits by $917 billion between 2012 and 2021. In addition, legislation originating with the joint select committee, or the automatic reductions in spending that would occur in the absence of such legislation, would reduce deficits by at least $1.2 trillion over the 10-year period. Therefore, the deficit reduction stemming from this legislation would total at least $2.1 trillion over the 2012–2021 period.

Those amounts are relative to CBO's March 2011 baseline adjusted for subsequent appropriation action. CBO has also calculated the net budgetary impact if discretionary savings are measured relative to its January baseline projections. Relative to that baseline, CBO estimates that the legislation would reduce budget deficits by at least $2.3 trillion between 2012 and 2021.

OBAMA, CONGRESSIONAL NEGOTIATORS REACH DEAL FOR DEBT EXTENSION

More from the Voice of America and the Emeritus Newsroom- U.S. President Barack Obama has announced an agreement with congressional leaders on a compromise deal to raise the nation's debt ceiling and keep the government from defaulting on its $14.3 trillion debt.

Mr. Obama told reporters at the White House Sunday night the proposed deal cuts $1 trillion in spending over 10 years and sets up a bipartisan panel in Congress to look at making substantial additional reductions. He said that panel will consider all options, including tax increases and cuts to social welfare programs like Medicare.

Both the House and Senate still must approve the compromise. No votes are expected in either house of Congress until Monday at the earliest, to give rank-and-file lawmakers a chance to review the package. Congressional leaders of both parties think they have the votes to get the compromised approved. This despite the fact that Tea Party Republicans remain holdouts as well as scores of so called, "Progressive Democrats", the most liberal wing. Both House Speaker John Boehner and Minority Leader Nancy Pelosi deferred comment on the package until they have had more time to meet with their respective caucuses.

The president called the proposed deal a compromise that lets the country avoid default while making a serious down payment on deficit reduction. He said default would have a "devastating effect" on the U.S. economy.

As congressional leaders argued over the debt crisis last week, U.S. stock markets suffered their worst losses of the year and the value of the dollar slumped.

All sides agreed on the need to cut spending and raise the debt ceiling. But, they have squabbled for weeks on what to cut and how fast those cuts should be made. White House summary of proposed legislation, click here.Click here for YouTube playback of Obama address announcing deal had been reached. 07/31/2011

DEADLOCK SENDS DEBT AND BUDGET TALKS BACK TO WHITEHOUSE

More from the Emeritus Newsroom- Republican Senate Minority Leader Mitch McConnell (R-KY), said today, he is "optimistic" that weekend talks between congressional leaders and the White House will lead to an agreement. McConnell's statement comes after Saturday afternoon discussions with the President as competing bills from both the Senate and the House were defeated Friday night. Tea Party Republicans insistance that any debt celing extension include a balanced budget amendment needing ratification of two thirds of the states, was a non starter for Democrats and a handful of Republicans in the Senate.

As of this posting, there were three days left to pass legislation to avoid default, according to Treasury Secretary Tim Geithner.

SENATE KILLS HOUSE SPEAKER BOEHNER'S DEBT AND BUDGET BILL / SETS UP BATTLE WITH SENATE OVER BIPARTISAN BILL OBAMA WILL SIGN

More from the Voice of America- In another dramatic evening on Capitol Hill, the Republican-controlled U.S. House of Representatives passed a bill to cut spending and raise the debt ceiling. The Democratic-controlled Senate moved quickly, however, to vote to kill the House bill. It's a high-stakes political battle to avoid the United States' first ever national default on its $14.3 trillion debt by August 2.

Friday evening got off to a good start for congressional Republicans. The result of the vote tally in House of Representatives likely came as a relief to House Speaker John Boehner. Congressman Charles Bass was in the chair to announce the vote results.

“The yeas are 218, the nays are 210, the bill is passed. Without objection, a motion to reconsider is laid upon the table,” said Bass.

The revised “Budget Control” bill calls for raising the U.S. borrowing limit in a exchange for more than $900 billion in spending cuts over the next 10 years. The vote passed without a single Democratic vote and 22 Republican lawmakers voted against it.

Minutes before late Friday’s vote, an impassioned Boehner was cheered by most of his Republican caucus, as he challenged Democrats to come forward with their plan.

“This House has acted," said Boehner. "And it is time for the administration, and time for our colleagues across the aisle, put something on the table! Tell us where you are! [Cheers and applause]

Boehner had scheduled a vote on his bill Thursday, but he had to pull it from the floor after failing to convince enough Tea Party members of his caucus to support it. To avert a potential political disaster, Boehner added a provision which would force both houses of Congress to pass a balanced budget amendment before the debt ceiling is raised again early next year- something analysts say is very unlikely to happen.

But just two hours after the House vote, Senate Majority leader Harry Reid moved to hold a vote to kill the House bill, and it passed with 59 Senators voting for it and 41 voting against it. Senator Reid is pushing the Senate to pass his own separate version of a bill that would cut spending and raise the debt ceiling until after the 2012 elections.

Earlier, Democratic senators warned that requiring that a balanced budget amendment pass both chambers of Congress would virtually guarantee that the nation defaults on its debt when the proposed second vote on raising the debt ceiling is held in six months time.

Democratic Senator Dick Durbin from Illinois blasted Republicans for adding what Democrats described as a “poison pill” to the bill.

“Not enough that they [Republicans] are willing to hold our economy hostage with the debt ceiling extension. Not enough that we stop the workings of this government on so many issues that we should be working on," said Durbin. "But now, now the speaker has brought in the requirement to extend the debt ceiling we have to amend the Constitution of the United States of America. This is the most outrageous suggestion I have heard.”

Reid has called on Republican Minority leader Mitch McConnell to join with him to put forward a bipartisan bill which can avert a default.

“The security of our nation, literally the security of our nation, every family, is at stake here," said Reid. "If the debt ceiling is not increased, every American family will feel an increase in their taxes, in various ways, higher payments on all their debts, credit cards, loans they take out to put their kids through school, car payments, mortgages on their houses.”

The White House issued a statement saying the House bill would have the United States face another debt ceiling crisis in just a few months. President Barack Obama called on Congress to use the Reid bill as a basis to agree on a bipartisan solution to prevent what he called an avoidable crisis early next week. The president again called on Americans to call their congressman’s office if they want a compromise bill that he can sign before Tuesday, resulting in a high volume of phone calls coming in to congressional offices on Capitol Hill. Video below, President calls on lawmakers to act, from Friday morning news conference. 07/29/2011

U-S HOUSE PASSES PLAN FROM SPEAKER BOEHNER / FACES CERTAIN DEFEAT IN THE SENATE

More from the Emeritus Newsroom- House Speaker John Boehner, adding a constitutional amendment requirement to the debt limit, was able to win over some Tea Party members and pass a debt and budget bill tonight. The vote was 218-210, which is enough to advance it to the Senate where it will likely die. Boehner delayed last night's vote when it became apparent he would not have the votes. Boehner agreed to add a balanced budget amendment in order to secure votes from rebellious Tea Part members. MORE DETAILS COMING. 07/29/2011

HOUSE VOTE ON REPUBLICAN DEBT AND BUDGET PLAN RESCHEDULED FOR FRIDAY

More from the Emeritus Newsroom- The U-S House of Representatives is scheduled to vote on the Republican debt reduction and budget plan Friday. It was apparent late Thursday evening that Speaker John Boehner did not have the votes to pass his proposal. Debate earlier today stretched for more than two and a half hours over the proposal, which was scored by the Congressional Budget Office as cutting $917 billion over ten years, in exchange for a 900 billion dollar increase in the nation's debt ceiling, without raising taxes.

The bill was originally expected to get a final vote around 6 pm, Eastern Time, but sources among congressional staffers claim Speaker Boehner did not have the votes to pass it. It would only take 24 defections within Republican ranks to sink the bill, which has garnered a rebellious response from the party's most conservative members.

According to a report from C-SPAN, The Congressional Budget Office (CBO) confirmed (click here to see CBO report) that Boehner's new plan does cut more than his previous proposal, which would have cut $850 billion, but it is still less than the $1.2 trillion he originally said his plan would cut. As Speaker Boehner rallies support among his colleagues, a stalemate between the two parties continues. Senate Majority Leader Harry Reid (D-NV) said “every Democratic Senator would vote against” Boehner’s plan, making it impossible to pass in the Democratic-led Senate, he said. Meanwhile, stocks tumbled (Click here for stock report) Wednesday upon news that the path forward is still filled with obstacles, less than one week before the August 2nd deadline, which is the date the White House says the U.S. could default on its loans and the ratings agencies say they could downgrade the U.S.’s credit. 07/28/2011

SENATE DEMOCRATS, HOUSE REPUBLICANS FORMULATE SEPARATE DEBT-BUDGET PLANS / LINKS TO OBAMA AND GOP NEWS CONFERENCE VIDEOS

More from the Voice of America- U.S. Senate and House of Representatives leaders are preparing separate backup plans to raise the federal debt limit after Congress and the White House failed to come up with a bipartisan agreement Sunday.

The leader of the majority party in the House, John Boehner, called Sunday on his fellow Republicans to support what he called a "new measure" that would involve a short-term extension of the debt ceiling accompanied by a package of spending cuts. Boehner earlier said he was not sure a bipartisan deal could be reached.

Senate majority leader Harry Reid, a Democrat, wants a longer-term deal on the debt ceiling, while also cutting trillions of dollars in spending.

President Barack Obama, the country's top Democrat, has said he wants an ambitious debt-reduction package that would keep the issue off the agenda until after the 2012 general elections.

August 2 is the deadline for raising the debt ceiling and allowing the federal government to continue to borrow money. The Obama administration and congressional leaders had hoped to announce a framework for an agreement before Asian financial markets opened Monday. But that time passed with no deal announced.

Global investors have been closely watching the debt ceiling discussions. Some large investors fear major credit-rating firms could downgrade the high U.S. rating. President Obama July 23, 2011, weekend address YouTube video, click here. Republican response from Rep. Jeb Hensarling (TX) YouTube video, click here. 07/25/2011

OBAMA SAYS SENATE PROPOSALS ARE STEP FORWARD TO SOVLING DEBT IMPASSE / INCLUDES VIDEOS

More from the Voice of America- President Barack Obama says a proposal by a group of Republican and Democratic senators represents a significant step toward a possible compromise on cutting government deficit spending and raising the debt ceiling.

Speaking to reporters in the White House briefing room, Mr. Obama said his most recent talks with congressional leaders produced some progress and "some narrowing of the issues."

Saying time is running out and negotiations are "in the 11th hour" he described the new plan by the so-called "Gang of Six" senators as a very significant step with the potential for getting the sides closer to a compromise. "What it says is we have got to be serious about reducing discretionary spending, both in domestic spending and defense, we have got to be serious about tackling health care spending and entitlements in a serious way, and we have got to have some additional revenue," he said.

Mr. Obama said the White House had just received the plan, which he also described as a "framework". While some of its details might not match perfectly with some of his approaches, he said "we are in the same playing field."

The president said he hopes that on Wednesday, congressional leaders will be ready to get down to the hard business of crafting a plan for cutting deficits and raising the $14.3 trillion debt ceiling.

At the same time, the president said there is a need to keep a backup plan that the Senate minority and majority leaders, Harry Reid and Mitch McConnell, were working on if a broader agreement is not reached.

In discussing his hope that the plan by the small bipartisan group of senators can lead to a compromise, Mr. Obama referred to what he called the need to put political posturing aside. "We don't have any more time to engage in symbolic gestures, we don't have any more time to posture, it's time to get down to the business of actually solving this problem," he said.

Mr. Obama said a lot of difficult negotiations lie ahead, adding that just because the White House might agree in principle with the framework from the bipartisan Senate group, a broader agreement will be required with a tight deadline facing everyone.

OBAMA SAYS DEBT TALKS "VERY CONSTRUCTIVE" / WILL MEET WITH CONGRESSIONAL LEADERS SUNDAY

More from the Emeritus Newsroom- President Obama today said that talks between him and congressional leaders on reducing the federal debt and extending the debt ceiling have been "very constructive". He said they will meet again with him on Sunday. The federal government faces a possible default on August 2d, if the debt ceiling is not extended by congress and signed by the President. The president did not confirm media reports that he is willing to consider cuts in Social Security, Medicare and Medicaid in exchange for Republican support to end tax cuts for the wealthiest Americans when extension of the Bush Administration tax cuts runs out next year. Click here for You Tube playback of President's news conference (3 Minutes). Click here for You Tube playback of Republican leadership news conference on talks (7 Minutes). 07/07/2011

PRESIDENT SAYS PROGRESS "IN SIGHT" ON DISCUSSIONS TO RAISE DEBT LIMIT - YouTube playback, click on picture below (3 Minutes) 07/06/2011

CBO DEBT OUTLOOK DOUR / BUT SAYS MOST OF THE DEBT RELATED TO WAR SPENDING AND TAX CUTS, NOT STIMULUS RELATED SPENDING

More from the Emeritus Newsroom- It seemed both Democrats and Republicans were touting this week's findings from the Congressional Budget Office, showing a mushrooming debt in need of sustained long term reversal. According to the CBO summary of their report,

"Recently, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945. Consequently, the amount of federal debt held by the public has surged. At the end of 2008, that debt equaled 40 percent of the nation's annual economic output (a little above the 40-year average of 37 percent). Since then, the figure has shot upward: By the end of this year, the Congressional Budget Office (CBO) projects, federal debt will reach roughly 70 percent of gross domestic product (GDP)—the highest percentage since shortly after World War II. The sharp rise in debt stems partly from lower tax revenues and higher federal spending related to the recent severe recession. However, the growing debt also reflects an imbalance between spending and revenues that predated the recession.As the economy continues to recover and the policies adopted to counteract the recession phase out, budget deficits will probably decline markedly in the next few years. But the budget outlook, for both the coming decade and beyond, is daunting. The retirement of the baby-boom generation portends a significant and sustained increase in the share of the population receiving benefits from Social Security, Medicare, and Medicaid. Moreover, per capita spending for health care is likely to continue rising faster than spending per person on other goods and services for many years (although the magnitude of that gap is very uncertain). Without significant changes in government policy, those factors will boost federal outlays sharply relative to GDP in coming decades under any plausible assumptions about future trends in the economy, demographics, and health care costs. According to CBO's projections, if current laws remained in place, spending on the major mandatory health care programs alone would grow from less than 6 percent of GDP today to about 9 percent in 2035 and would continue to increase thereafter. Spending on Social Security is projected to rise much less sharply, from less than 5 percent of GDP today to about 6 percent in 2030, and then to stabilize at roughly that level. Altogether, the aging of the population and the rising cost of health care would cause spending on the major mandatory health care programs and Social Security to grow from roughly 10 percent of GDP today to about 15 percent of GDP 25 years from now. (By comparison, spending on all of the federal government's programs and activities, excluding interest payments on debt, has averaged about 18.5 percent of GDP over the past 40 years.)

Analysis of the projections by Michael Linden of the Center for American Progress points out, "In fact, reduced revenue is responsible for fully three-quarters of the higher debt level in the current policy scenario compared to just one-quarter from increased spending".

Linden also uses his analysis to point out the obvious problem and it's solution.....revenues.

"The CBO makes its budget projections under two different sets of assumptions. In the first—the “baseline” scenario—the CBO assumes that future budgets will follow current law, meaning the Bush tax cuts expire as scheduled, the alternative minimum tax grows, the new health care law is implemented, and payments to Medicare doctors are cut.In this future our debt burden is very manageable. It rises from just under 70 percent of GDP this year to 85 percent by 2036 and 87 percent by 2040. But from there it stabilizes and actually begins to decline.But under the other set of assumptions—the “alternative” scenario—the debt quickly explodes into disastrous levels. The alternative scenario roughly mirrors current policies, rather than current law. This scenario assumes that the Bush tax cuts are extended, the AMT is indexed to inflation, the formula requiring big cuts to Medicare doctors is overridden, and the reforms of the Affordable Care Act aren’t implemented. These assumptions mean that this scenario has both more spending and less revenue than the baseline.The result is much larger deficits and much more debt. By 2036, debt under the alternative scenario would be 195 percent of GDP. The CBO doesn’t even project the debt past that year because it would exceed 200 percent.So which one is right? That depends on what you think will happen with those key policies. Most budget and political analysts focus their attention and worry on the alternative scenario. After all, they point out, the Bush tax cuts were set to expire last year, and Congress extended them for two more years. Won’t they do the same in 2012? And Congress has always been diligent about making sure that Medicare doctors don’t suffer huge pay cuts. Why would the future be any different from the past?

BERNANKE SAYS HOLDING DEBT CEILING EXTENSION HOSTAGE TO BUDGET CUTS IS "WRONG TOOL"

More from the Emeritus Newsroom- Federal Reserve Chairman Ben Bernanke, without directly singling out Republicans, took aim at the stalemate over extension of the national debt ceiling extension. Bernanke, speaking Tuesday at the Annual Conference of the Committee for a Responsible Federal Budget, Washington, D.C., said the showdown over the extension is "self defeating".

"It is easy to call for sustainable fiscal policies but much harder to deliver them. The issues are not simply technical; they are also closely tied to our values and priorities as a nation. It is little wonder that the debates have been so intense and progress so difficult to achieve.

Recently, negotiations over our long-run fiscal policies have become tied to the issue of raising the statutory limit for federal debt. I fully understand the desire to use the debt limit deadline to force some necessary and difficult fiscal policy adjustments, but the debt limit is the wrong tool for that important job", Bernanke told the gathering.

He added, " I urge the Congress and the Administration to work in good faith to quickly develop and implement a credible plan to achieve long-term sustainability. I hope, though, that such a plan can be achieved in the near term without resorting to brinksmanship or actions that would cast doubt on the creditworthiness of the United States".

HOUSE AND SENATE PASS BUDGET THROUGH END OF SEPTEMBER

More from the Emeritus Newsroom- Republican House Speaker John Boehner had to depend on Democratic leaders, to make up for Republican defections, in passing the $78 billion dollar compromise measure to fund the federal government through the end of September. The $78 billion figure accounts for the more than $40 billion additional, which President Obama wanted to spend for the rest of 2011, along with an additional $38.5 billion, agreed to last weekend, in order to avoid a government shutdown.

Complicating matters was a Congressional Budget Office estimate, which said congress would only be saving $352 million the first year of the proposed cuts. Conservative Republicans bolted with 59 defections in the house vote. Boehner was able to get 81 Democrats to join 179 Republicans to go along with the compromise. A total of 108 Democrats joined the 59 rebellious Republicans voting against it.

The bill alter had fewer problems in the Senate, shortly before 6 pm Eastern. The vote was 81-19 in favor of passing HR 1473.

OBAMA SAYS HE WILL DEFEND SOCIAL SECURITY, MEDICARE AND MEDICAID / OPPOSES BORROWING FOR TAX BREAKS FOR THE RICH

More from the Emeritus Newsroom- In a bold response to proposed budget cuts from House Republicans, President Obama told an audience at George Washington University, not far from the White House, that the country cannot afford to borrow $500 billion every year to give tax breaks to the wealthy. It was just an example where Obama thinks the country's priorities lie in the years ahead. He called for continued support of a compact with the American public to provide Medicare, Medicaid, Social Security, and education loans. Being Updated. video of speech below.

Obama stressed that two thirds of the federal budget is made up of Social Security, Medicare and Medicaid, unemployment benefits and education loans. He said 20 percent has been spent to give working families tax breaks, and 12 percent is for everything else. Obama says that unless the country ends tax cuts for the rich and trims the budget, the U-S could be paying a trillion dollars a year in interest alone on the debt.

He said Republicans and Democrats came together to solve a Social Security crisis during the 80's, coming together for make the country almost debt free in 2000 under President Clinton, then lost its way in the last ten years, with two wars and tax cuts. And he said it will take all sides to come together to solve the current crisis. Text of President's speech, click here, Video of the speech below. 04/13/2011

BROOKINGS ECONOMIST SAYS THE REPUBLICAN BUDGET PLAN WILL NOT CUT THE DEFICIT

More from the Emeritus Newsroom- An article written Henry Aaron, Senior Fellow of Economic Studies at the Bookings Institution explains why the Republican budget plan, submitted by Rep. Paul Ryan (WI) won't solve the nation's debt problems. Aaron is among a growing number of economist who sees the Republican plan as simply cutting government, not the debt. We rate his article as a must read. Click here for the Aaron article. 04/13/2011

SOME GIMMICKS, SOME REAL PAIN IN FEDERAL BUDGET AGREEMENT / DIRECT LINKS TO PROPOSED FEDERAL BUDGET CUTS

More from the Emeritus Newsroom-Some of the money in the $78 billion dollars being cut from President Obama's proposed 2011 budget comes from unspent funds held in reserve, others from less known programs which few are even aware of. Some of the more headline grabbing cuts include a ban on federal AND LOCAL funding for abortions in Washington DC, a move that has provoked a backlash, even among district leaders, including members of the district council and Mayor Vincent Gray, who were arrested during a protest yesterday.

Slightly more than half, or about 51% of the funding cuts come from the Education Department, Health and Human Services and the Labor Department. The U-S EPA has slightly more than 15% cut from its budget.

Among the other notable cuts; the Women, Infants and Children food assistance program faces a cut of $855 million. The Legal Services Corporation of the Justice Department reduced $30 million, Department of Homeland Security, down $129 million , TSA aviation security cut $340 million, Climate Change Programs reduced by $116 million, $187 million from the Displaced Worker Assistance program, $124 million from the Administration on Aging, $118 million from prevention and treatment programs for patients with AIDS, HIV, Hepatitis, STD's and TB, $119 million dollars from research on health costs quality and outcomes, $138 million from Americorp community services, $30 million from the Corporation for Public Broadcasting.

DETAILS OF THE DEAL / THE PROPOSED BUDGET AGREEMENT AND WHAT IT MEANS

DEAL REACHED TO AVOID GOVERNMENT SHUTDOWN

POSTED 11:05 PM FRIDAY.....FROM THE EMERITUS NEWSROOM....AN AGREMEENT HAS BEEN REACHED BETWEEN CONGRESSIONAL NEGOTIATORS AND THE WHITE HOUSE. DETAILS HAVE YET TO BE RELEASED. WHAT IS KNOWN IS THAT A SEVEN DAY TEMPORARY PROVISION IS EXPECTED TO BE PASSED BY BOTH HOUSES THIS WEEKEND, AND AN AGREEMENT HAS BEEN REACHED ON FUNDING FOR WOMENS' HEALTH PROGRAMS, WHICH TEA PARTY REPUBLICANS DEMANDED BE CUT. THE SEVEN DAY RESOLUTION WILL GIVE TIME FOR BOTH HOUSE TO REVIEW THE COMPLETE BUDGET PROPOSAL FOR THE REST OF THE YEAR. 04/08/2011

PRESIDENT THREATENS VETO OF REPUBLICAN BUDGET PROPOSAL / DEMOCRATIC LEADERS SAY FEDERAL SHUTDOWN MORE LIKELY / LINKS TO SPECIFIC AGENCY SHUTDOWN PLANS

More from the Emeritus Newsroom- PRESIDENT OBAMA TODAY PROMISED A VETO OF THE REPUBLICAN BUDGET PLAN, WHICH DEMOCRATS AND THE WHITE HOUSE SAY IS A REPUBLICAN REJECTION OF THEIR OWN REQUEST FOR AN EARLIER COMPROMISE PROPOSAL. IN A STATEMENT RELEASED THIS AFTERNOON, THE PRESIDENT TOOK AIM AT REPUBLICAN DEMANDS FOR ADDITIONAL ACCOMODATIONS ON ABORTION AND ENVIRONMENTAL LAWS.

In his statement, Obama wrote, "This bill is a distraction from the real work that would bring us closer to a reasonable compromise for funding the remainder of Fiscal Year 2011 and avert a disruptive Federal Government shutdown that would put the Nation’s economic recovery in jeopardy. The Administration will continue to work with the Congress to arrive at a compromise that will fund the Government for the remainder of the fiscal year in a way that does not undermine future growth and job creation and that averts a costly Government shutdown. It is critical that the Congress send a final bill to the President’s desk that provides certainty to our men and women in military uniform, their families, small businesses, homeowners, taxpayers, and all Americans. H.R. 1363 simply delays that critical final outcome".

Senate Majority Leader Harry Reid says overnight talks to find agreement, on a budget for the rest of the year, are now hung up over abortion restrictions and loosening environmental enforcement, demanded by Republicans. Reid told reporters, at a news conference this morning, that he was not nearly as optimistic as he was last night and "that's an understatement". During a joint appearance with House Speaker John Boehner, following a meeting with President Obama at the White House, both Reid and Boehner expressed cautious optimism an agreement would be reached by the midnight deadline tomorrow.

SCRAMBLE ON CAPITAL HILL TO AVOID GOVERNMENT SHUTDOWN / REPUBLICANS RELEASE 10 YR. PLAN TO CUT $6.2 TRILLION

More from Voice of America- Negotiations are continuing on Capitol Hill to try to reach an agreement on spending levels for the 2011 federal government budget. House of Representatives Speaker, Republican John Boehner says he did not reach an agreement on the budget with President Barack Obama in talks at the White House Tuesday. Later talks between Boehner and Senate Majority Leader Harry Reid were described as "productive," but with no indication of a breakthrough. A temporary resolution to fund the U.S. government expires at the end of the week. If no spending bill is agreed to by Congress by Saturday morning, there will be a partial government shutdown that will affect services for millions of Americans.

Lawmakers have debated this year's government-spending levels for months, with Republicans demanding major cuts in domestic discretionary programs championed by Democrats, including some social programs for the poor and aged, and cuts in grants to college students from low-income families.

President Obama said Tuesday that Democrats have already met Republican demands for spending cuts, and that Republican lawmakers should not let ideology get in the way of preventing a partial government shutdown that could jeopardize the nation's economic recovery.

Mr. Obama called on Speaker Boehner and Senate Majority Leader, Democrat Harry Reid to get the 2011 budget issue resolved, saying that if not, he would ask them to come to the White House on Wednesday.

"It would be inexcusable for us to not be able to take care of last year’s business - keep in mind we’re dealing with a budget that could have gotten done three months ago, could have gotten done two months ago, could have gotten done last month - when we are this close simply because of politics," said President Obama.

Boehner said that the talks are continuing, but he denied that any agreement had been reached on cutting $33 billion from the budget.

"We have made clear that we are fighting for the largest spending cuts possible," said Speaker Boehner. "We are talking about real spending cuts here, no smoke and mirrors [no attempt to disguise the issue]. We have also made clear that there was never an agreement at $33 billion, that we are going to continue to fight for again the largest cuts possible."

The Republican-controlled House has passed a budget with $60 billion in spending cuts, but it failed to pass in the Democrat-controlled Senate. Several fiscal conservative Tea Party Republicans are rejecting any compromise on spending cuts, putting House Speaker Boehner in a difficult position.

The president, Boehner and two other congressional leaders reportedly discussed domestic spending cuts in the range of $30 billion - close to the amount Boehner had originally requested.

A partial government shutdown would mean that millions of federal employees deemed nonessential would not report to work until the budget showdown is resolved. National security would not be affected, but services such as visa and passport services would likely be suspended.

Most Democratic lawmakers and many advocates for working families say Republicans want to reduce the national debt on the backs of the poorest and most disadvantaged Americans, including children and the elderly.

One of them is Children's Defense Fund President Marian Wright Edelman:

"They are taking food out of the mouths of weak babies and weak mothers," said Edelman. "I mean what kind of country that is the richest in the world would take food literally out of the mouths of babies while giving tax cuts to billionaires and millionaires."

Republicans say government spending is out of control, and point out that Democrats failed to pass a budget last year when they still had majority control of the House of Representatives. Lawmakers have spent so much time debating the current year's budget, that it is now colliding with efforts to begin discussions on the 2012 budget.

On Tuesday, Republican Paul Ryan, chairman of the House Committee on the Budget, introduced his party's 2012 budget proposal, which includes more cuts in government spending and an overhaul of popular government healthcare programs for the poor and elderly, Medicaid and Medicare.

Ryan says he believes that reducing the national debt is a moral imperative.

"For starters, we propose to cut $6.2 trillion in spending over the next 10 years from the president's budget," said Ryan. "We reduce the debt as a percent of the economy, we put the nation on the path to actually pay off our national debt. Our goal here is to leave our children and our grandchildren with a debt-free nation."Rep. Ryan obtains most savings through four major programs. Over the next decade, his plan would cut Medicaid by $735 billion, Medicare by $389 billion, non-security discretionary spending by $923 billion, and health care spending $1.4 trillion by repealing health care reform.

He says his plan brings government spending to 20% GDP by 2015. (Last year, spending was 23.8% GDP.) Rep. Ryan's proposal also reduces revenue by $1.8 trillion over the next ten years by reforming the tax code and capping tax rates at 25%.

Representative Chris Van Hollen (D-MD), ranking member on the Budget Committee, responded to the proposal. He said, “Behind the sunny rhetoric of reform, the Republican Budget represents the rigid ideological agenda that extends tax cuts to the rich and powerful at the expense of the rest of America – except this time on steroids."

The House Budget Committee is scheduled to mark-up Ryan's proposal Wednesday.

Rep. Van Hollen said a Democratic alternative would be available by next Wednesday.

FEDERAL AGENCIES INCREASINGLY DYSFUNCTIONAL DUE TO BUDGET BATTLES WITH REPUBLICANS

OBAMA LAYS OUT TERMINATION OF MORE THAN 200 OVERLAPPING PROGRAMS, REAL ESTATE AND EXPENSIVE CONTRACTS TO SAVE $50 BILLION

More from the Emeritus Newsroom- With the March 18th deadline for proposing more budget cuts, the Obama administration has come up with a plan to cut overlapping programs, a saving of $30 billion, selling off surplus federal real estate, earning more than $15 billion, and cutting payments for private contractors, which has risen over 8 years, from $2$ billion a year to $500 billion. In a White House statement today, Jeffrey Zients outlined the Obama sdministration's effort to cut waste.

"First, in his State of the Union address, the President announced an initiative that we need to reorganize the Federal Government in order to give Americans a 21st century government that’s efficient and effective and will support American competitiveness. He asked me and Lisa Brown to lead that effort. Today, the President issued a memorandum directing us to conduct a review of the federal agencies and programs involved in Trade, Exports and Competitiveness, including analyzing their scope and effectiveness, areas of overlap and duplication, unmet needs, and possible cost savings. The President has asked for recommendations for potential action to restructure and streamline government programs focused on trade and competitiveness within 90 days".

The President’s Management Advisory Board , which consists top CEO's from American companies, met for the first time today, to lay the foundation for improved government efficiency, effectiveness, and quality of service. The President formed the committee to get more ideas to improve government and provide more federal support of job creation in the private sector. White House press release, click here. 03/11/2011

SENATE PASSES BUDGET EXTENTION / OBAMA SIGNS

More from the Emeritus Newsroom- President Obama has signed the federal budget extension passed earlier today in the Senate 91-9. The extension passed last week in the House. It funds government operations until March 18th, when the White House and congressional leaders hope to have a permanent budget for the rest of the fiscal year through September 30th. The extended budget cuts more than $4 billion from the budget in programs which had largely been targeted for cuts by the the White House. A shutdown that was feared this Friday has been averted. 03/02/2011

DEAL CUT TO KEEP GOVERNMENT GOING / DIFFERENCES REMAIN OVER TIMING

More from the Emeritus Newsroom- Republican House and Democratic Senate leaders have reached agreement on a deal to keep the federal government funded through March 18. However, the White House is trying to extend the agreement by another two weeks, due to the President's trip to Brazil and other Latin American nations. Obama is hoping to get a permanent agreement, by March 18th , to pay for government operations through the rest of the fiscal year, which ends September 30th. Some kind of temporary deal must be passed by Friday, March 4th, to avoid a government shutdown. The House passed legislation last month that cut $61 billion from the federal budget this year, driven by 87 new Republican congressman elected last November as part of the so-called “Tea Party” movement, which demands much less government spending. Democrats say the spending cuts demanded by House Republicans could harm the economic recovery, a sentiment shared by two independent analysts. Investment firm Goldman Sachs estimated last week that the Republican plan would reduce U.S. economic growth up to two percent this year, while the chief economist at Moody's Analytics says the Republican plan would lead to the loss of 700,000 jobs by the end of 2012. 03/01/2011

U-S HOUSE PASSES 61 BILLION PACKAGE TO KEEP GOVERNMENT OPEN / DEAL LIKELY TO DIE IN SENATE / MARCH 4TH DEADLINE LOOMS

More from Voice of America and the Emeritus Newsroom- Efforts to cut the U.S. federal budget to counter a rising deficit projected at $1.6 trillion this year are now moving to the Democratic Party dominated Senate.The Republican controlled House of Representatives passed a bill early Saturday with about $60 billion in spending cuts. During Saturday’s early morning debate House Speaker John Boehner said the next few months will be the most important Washington has seen in decades.In a vote which ended at four in the morning, lawmakers voted almost entirely along party lines. Most Republicans were in favor of the bill to cut current spending by about 14 percent, while Democrats were in opposition.The bill is a stop-gap measure known as a continuing resolution. It establishes spending levels for the rest of the fiscal year ending in September.But Democratic lawmakers in the Senate have promised to remove many of the bill’s cuts. These include eliminating spending to carry out President Barack Obama’s recently signed health care reform law. The cuts also target federal funding for family planning, the government’s ability to enforce environmental regulations, education programs, subsidies for the poor and foreign aid. The bill does include increases, such as a nearly two percent rise for defense spending, despite some internal Republican opposition.During the House debate, California Republican John Campbell was one of those urging deeper defense cuts. "There are many weapons systems funded in the Defense Department which the Defense Department does not want. They are there because of influential members of Congress who have put them in. Defense has always been the most earmarked section of the entire budget," he said. Democratic lawmakers, such as Georgia’s Sanford Bishop, warned against cuts that would affect war veterans. “If this bill is signed into law it will hurt our economic recovery which in turn will affect our veterans. According to the Bureau of Labor Statistics, more than 15 percent of Iraq and Afghanistan war veterans are unemployed, far higher than the national jobless rate. If we follow through with some of these disastrous cuts we will see that rate go higher," he said.The Senate is expected to spend the next few weeks debating and writing its own version of a government funding bill. Senate Democrats say they also want to begin shrinking the deficit, but not the way House Republicans voted for.If no compromise is found by March 4, when current funding expires, a U.S. government shutdown becomes a possibility, unless all parties, including Democratic President Obama, can agree on a short-term spending bill.

ANALYSIS OF OBAMA'S BUDGET / SOME CUTS WILL CAUSE "REAL LIFE PAIN"

More from the Emeritus Newsroom- Economic Policy Institute Analyst Rebecca Thiess explains some of the main points of President Obama's budget proposal including those will will take a toll on some social programs. Because Republican House leaders are proposing more cuts, but are not offering an alternative budget, so far, it remains to be seen where the middle ground is shaping up. Thiess says some of the proposed cuts will be, "damaging". In her analysis, she points out,

"...the administration is proposing 211 such actions that will save more than $33 billion in 2012 alone, essentially doubling the amount of cuts proposed in Obama’s FY 2010 budget request, and about $10 billion more in reductions than he proposed last year. And these proposed cuts should have a good chance of actually occurring: the Obama administration has, in the past, been more successful at getting proposed terminations and reductions actually passed compared with other administrations. Obama saw 60% percent of his proposed discretionary cuts become law for 2010, while other recent administrations have seen only between 15% and 20% of their proposed discretionary cuts approved by Congress. While some of these cuts are to programs that have been found to be redundant or wasteful, many others are being levied on programs that provide important services, and “about whose mission the administration cares deeply” (according to its FY 2012 Budget).Nonetheless, many of these cuts will cause real-life pain. These include cuts to the low-income home energy assistance program (LIHEAP), community development block grants (CDBG), and community service block grants (CSBG). The administration is proposing cutting $2.5 billion, or about half of the 2010 enacted funding, from LIHEAP. Though it justifies this cut by stating that returning LIHEAP funding to 2008 levels lowers it to where it stood prior to the energy price spikes, this cut unnecessarily targets an important low-income service. In 2010, 8.3 million households relied on LIHEAP for heating and cooling assistance. The National Energy Assistance Directors' Association has estimated that cutting LIHEAP funding would eliminate assistance to 3.5 million low-income households. And though energy prices may drop, many people also have lower incomes today, due to the recession, than they did in 2008, meaning the need for this type assistance is likely to remain as high as it was in 2010".

LINE ITEM LIST OF PROPOSED CUTS IN THE PRESIDENT'S BUDGET

More from the Emeritus Newsroom- The following is the list released by the White House Office of Management and Budget, related to proposed cuts in President Obama's budget. The these cuts are listed, the actual cuts depend on the actions of congress. The lists are stated in millions of dollars with the first amount listed as that budgeted for 2010 and the second amount listed as the PROPOSED CUTS for 2011-2012 or "The 2012 Budget" . Full pdf downloads of budget and summary below list.

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FEDERAL BUDGET PAGE

OBAMA DEFENDS TAX CUTS FOR ALL BUT THE WEALTHY

OBAMA UNVEILS BUDGET HE SAYS MAKES CUTS & GROWS ECONOMY

FEDERAL DEFICIT IN QUICK DECLINE