Digital News Report – It has been over 20 years since Ronald Reagan proposed the first budget over $1 trillion. Now Obama is proposing a $3.8 trillion budget for fiscal year 2011 which begins October of this year.
The White House predicts the deficit will to climb to $1.6 trillion. Reuters is calling this the biggest budget deficit since World War II. Chad Pergram with Fox says the red ink is spilled “as far as number-crunchers can see”.
In his weekly radio address, President Barack Obama said he will try to rein in the deficit. He praised the Senate for restoring the pay-as-you-go law, which in the 1990’s contributed to the $236 billion surplus at the end of the decade. The President also proposed freezing discretionary spending and creation of a bi-partisan commission to deal with the problem.
By: Mark Williams
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