FY 2012 budget readied for Valentine’s Day release

Budget

FY 2012 budget readied for Valentine’s Day release

President Barack Obama is expected to submit his budget request for fiscal 2012 on Valentines Day. Already there\'s not much love lost between the parties. Repu...

Federal News Network Staff

January 31, 2011 10:22 am

< a min read

By Suzanne Kubota
Senior Internet Editor
FederalNewsRadio.com

Although the President’s fiscal 2012 budget is confirmed to be released on February 14th, don’t expect there to be hearts and flowers flowing up and down Pennsylvania Avenue.

The president has already said he wants a 5-year, non-security discretionary spending freeze, while promoting other investment spending.

Republicans, however, pledge deeper cutbacks in view of Congressional Budget Office estimates the deficit will hit $1.48 trillion in fiscal 2011.

President Barack Obama’s new chief of staff is challenging congressional Republicans to spell out how they propose to cut $55 billion from the federal budget. On the CBS program “Face the Nation,” William Daley said the public and the president want to know where those cuts would come from.

Senate Minority Leader Mitch McConnell declined repeatedly on “Meet the Press” to say whether Republicans were willing to allow the fiscal showdowns expected in Washington over the next few months – over stopgap budget measures and the borrowing limit – to force a federal shutdown.

House Speaker John Boehner told “Fox News Sunday” he supports spending cuts, but won’t try to force a government default.