Now a time $ 787 billion stimulus bill is law, President Obama has plans to use this week to promote a budget plan designed to cut the federal deficit in half by the end of his first term. The President will host a "fiscal responsibility summit in the White House Monday, and will provide a unique time speech to Congress Tuesday before a budget survey revealed on Thursday. White House spokeswoman Jen Psaki confirms that the administration pegs the current deficit of $ 1.3 trillion , or 9.2% of the total economy, and projects that in four years the deficit down to $ 533 billion, or 3% of the economy measured by gross domestic product expenditure.
"The budget will cut the deficit that the president inherited after assuming office, at least in half by the end of his first term," says Kenneth Baer, a spokesman for the Office of Management and Budget. Obama's 2010 budget includes plans for defense cuts - including a rollback of the Iraq war - and an end to the Bush administration's high income tax cuts, the Associated Press reported Sunday. Alex Conant, a spokesman for the Republican National Committee, criticized both ideas. "Raising taxes and cutting defense spokesman spokesman spokesman costs will not increase our economy, which is essential to reduce the deficit, "Conant said.
It will detail "My strategy for investing in what we do, we do not cut it, and restore fiscal discipline," Obama said. He also plans to get his economic plan Monday in Washington for a meeting of the National Governors Association. Republican Minnesota Gov. Tim Pawlentyof said Sunday it is a bad idea to increase taxes "in the middle of a deep, deep recession. Appears on Fox News Sunday, Pawlenty noted the stock market slides in wake of Obama's plans for home Foreclosures and financial regulation. Pennsylvania Gov. Ed Rendell, a democratic, observed on the same program that the Republicans raised fears of President Clinton budget in 1993, previous years of economic growth and led to a balanced budget.
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