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February 22, 2009

NYT: Obama Aims to Halve Deficit by 2013
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http://enews.voanews.com/t?ctl=22741C4:A6F02AD83191E160BB3291D8D275DB6D2A201403E89ED254&
 
President aims to cut federal deficit down to $533 billion by 2013,
plans to present budget proposals to Congress this week 
A U.S. newspaper quotes unnamed Obama administration officials as saying
the president plans to cut the U.S. federal deficit in half during the
next four years, down to $533 billion by 2013. President Barack Obama
"The New York Times" quoted the officials, speaking on condition of
anonymity, as saying the money will come from raising taxes on wealthy
individuals, reducing spending in Iraq and improving government
efficiency. The outline for the budget plan will be presented to
Congress on Thursday. Senate Republican leader Mitch Mc Connell said on
U.S. television Sunday on CNN's "State of the Union with John King" that
he believes President Obama's reported budget will raise taxes on small
businesses, and ultimately, hurt the economy. Analysts say the U.S.
budget deficit for 2009 is $1.2 trillion. That figure is before the $787
billion economic stimulus plan adopted last week is taken into account.
Meanwhile, U.S. state governors are focusing on the stimulus plan during
their annual meeting in Washington. Most governors say the funds will
help them maintain state services despite the nationwide economic
downturn. But many say state revenue collections are so far below
projections that the federal stimulus money will not make up the
difference. At least two Republican governors have said they may refuse
a portion of the stimulus funds earmarked for their states. Haley
Barbour of Mississippi and Bobby Jindal of Louisiana say they will
decline money aimed at expanding state unemployment insurance. Other
governors, like Michigan's Jennifer Granholm, a Democrat, have offered
to accept any money other states refuse. The state leaders are scheduled
to go to the White House Monday for a policy briefing.


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