The Obama administration is set to release its FY 2011 budget proposal today at 10:00 am with remarks by President Obama scheduled for 10:45 am.
The budget reportedly projects a deficit of $1.6 trillion, a 23% increase from the estimated deficit in the FY 2010 budget. This budget includes $100 billion for a job creation initiative. The budget will also propose a freeze on discretionary spending, which accounts for 15% to 17% of the budget.
According to the White House, the administration is proposing 120 terminations, reductions, and savings for a number of programs that is expected to amount to $20 billion in savings in FY 2011.
Source: The Office of Management and Budget
Published: 1 February 2010