“It’s not possible to do this painlessly,” White House budget director Jacob Lew said on CNN’s “State of the Union” Sunday. “We have a responsible budget that will cut in half the deficit by the end of the president’s first term.”
Some of the highlights reported so far:
According to an Office of Management and Budget summary obtained by the Associated Press, the administration will propose more than $1 trillion in deficit reduction over the next decade with two-thirds of that amount coming from spending cuts.
Some $400 billion in savings would come from a five-year freeze on non-security discretionary spending. Still, that covers just 10 percent of the overall federal budget, leaving out most defense spending and major entitlements.
Following the lead of Defense Secretary Robert Gates, Obama’s budget includes $78 billion in Pentagon savings. Pentagon cuts would include the C-17 aircraft, the alternate engine to the Joint Strike Fighter, and the Marine Expeditionary Vehicle that the Defense Department says it does not need, according to the Reuters news agency.