Obama to Seek Three Year Spending Freeze
OPS_admin | Jan 27, 2010 | Comments 0
White House officials acknowledge that the freeze is more symbolic than substantive – in the most recent fiscal year, discretionary spending represented just $447 billion of the mutli-trillion dollar budget.
In a move designed to demonstrate the administration’s commitment to fiscal responsibility, the president will use his State of the Union address Wednesday night to call for a partial, non-security, discretionary spending freeze, multiple media outlets are reporting.
While details are still vague, anonymous White House officials have told sources that the proposed spending freeze would save $250 billion over the next decade. The freeze would take effect for the 2011 fiscal year which begins October 1, and last for a period of three years.
Exempt from the freeze are agencies that deal with security matters such as Defense, Homeland Security, Veterans Affairs and State. Medicaid, Medicare and Social Security, for which money is allocated yearly based on a formula, would also be exempt.
Full Story Obama to Seek Three Year Spending Freeze | Economy In Crisis.
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