President Barack Obama announced today the U.S. deficit will be cut in half by the end of his first term, through major reforms to government spending.
On Thursday morning, Obama delivered the new 2010 budget to congress during a press conference at the White House. It includes a list of 100 government programs to reduced or cut altogether. The cuts will result in $17 billion in savings for taxpayers next year alone.
“One of the pillars of this responsibility is fiscal responsibility,” Obama said, emphasizing that we cannot leave behind a deficit for future generations.
Among the programs to be cut are some that no longer serve any use, while “there are other programs [being cut] that never made any sense,” Obama said.
One of the programs is a $465 million project to build an alternate engine for a joint strike fighter. The Pentagon requested that the program’s funding be cut two years ago. “The pentagon does not want and will not use this alternate engine,” Obama said.
Some programs simply use their funds irresponsibly. One of those mentioned is a National Institute for Literacy program that uses more than half of its $6 million budget for overhead costs. Obama said that while he is supportive of funding literary programs, “I oppose programs that do it badly,” he said.
Obama is introducing a new ‘pay as you go’ rule for congress requiring that if they spend a dollar in one area, they must save a dollar elsewhere. The president is also asking his own cabinet and other government services to continue looking for ways to reduce their spending.
The government will be open to people with technology and suggestions that will help in reduce costs. Obama said that in regards to such information, “government can and must learn from them.”
He explained that it’s the build-up of special interest programs, unnecessary projects, and irresponsible spending that “swells” the budget and creates deficits like the one the U.S. is in today. In regards to cutting costs to not leave future generations entrenched in debt, Obama said “we can’t expect anything less than a government.”
“Today we’ve taken an important step towards building this kind of government,” Obama said.
On Thursday morning, Obama delivered the new 2010 budget to congress during a press conference at the White House. It includes a list of 100 government programs to reduced or cut altogether. The cuts will result in $17 billion in savings for taxpayers next year alone.
“One of the pillars of this responsibility is fiscal responsibility,” Obama said, emphasizing that we cannot leave behind a deficit for future generations.
Among the programs to be cut are some that no longer serve any use, while “there are other programs [being cut] that never made any sense,” Obama said.
One of the programs is a $465 million project to build an alternate engine for a joint strike fighter. The Pentagon requested that the program’s funding be cut two years ago. “The pentagon does not want and will not use this alternate engine,” Obama said.
Some programs simply use their funds irresponsibly. One of those mentioned is a National Institute for Literacy program that uses more than half of its $6 million budget for overhead costs. Obama said that while he is supportive of funding literary programs, “I oppose programs that do it badly,” he said.
Obama is introducing a new ‘pay as you go’ rule for congress requiring that if they spend a dollar in one area, they must save a dollar elsewhere. The president is also asking his own cabinet and other government services to continue looking for ways to reduce their spending.
The government will be open to people with technology and suggestions that will help in reduce costs. Obama said that in regards to such information, “government can and must learn from them.”
He explained that it’s the build-up of special interest programs, unnecessary projects, and irresponsible spending that “swells” the budget and creates deficits like the one the U.S. is in today. In regards to cutting costs to not leave future generations entrenched in debt, Obama said “we can’t expect anything less than a government.”
“Today we’ve taken an important step towards building this kind of government,” Obama said.
