The President’s new budget plans a near four trillion dollar reduction in future federal spending over a hypothetical twelve year period. He anticipates that the federal deficit could be reduced to just 2.5% of U.S. GDP in four years (still a very large number).
Having been a cheerleader for extending Bush tax cuts in December 2011, the President now urges Bush II era tax cuts be rescinded for those receiving more than a quarter million per year in compensation for their valuable time. The unrealistic expectation that House Republicans might allow tax cuts has less chance for passage in Congress than the proverbial snowball in Cuba.
One deduces that the President plans a summer closure of government to stimulate vacation travel and spending.
http://www.cbsnews.com/video/watch/?id=6163095n
http://www.bloomberg.com/news/2011-04-13/obama-is-said-to-target-4-trillion-deficit-reduction-in-12-years-or-less.html
http://news.yahoo.com/s/yblog_exclusive/20110413/pl_yblog_exclusive/obamas-budget-plan-leaves-him-boxed-in
http://usgovernmentspending.com/downchart_gs.php?title=Military_Industrial_Complex&year=1960_2013&units=p&chart=30-total
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