President Barack Obama has sent Congress a $3.73 trillion budget that holds out the prospect of eventually bringing deficits under control through spending cuts and tax increases, but the blueprint largely ignores his own deficit commission's recommendations to slash huge programs like Social Security and Medicare. Overall, Obama proposed trimming the deficits by $1.1 trillion over a decade although his changes would actually add to the deficits this year and next. Obama is projecting the deficit will hit an all-time high of $1.65 trillion this year and then drop sharply to $1.1 trillion in 2012.
I think lowering the deficit is going to take time; however, that is one thing Obama doesn't have. If he doesn't get re-elected I bet the next president will take his (Obama's) ideas into action then take all the credit. In this economic situation, everyone's patience has been tested.
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