February 14, 2011
WASHINGTON—President Barack Obama released a $3.73 trillion budget for fiscal-year 2012 Monday where he sought to balance two competing and conflicting agendas: dramatic cuts to federal spending while also investing in programs to improve U.S. competitiveness.
He ended up with a product that offers up more than $1 trillion in deficit reductions over a 10-year period—three-quarters coming from spending cuts and the balance from tax increases or the elimination of existing tax breaks.
In fiscal 2012 alone, the administration proposed reducing or closing 200 federal programs at a savings of $33 billion.
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