Obama Plans to Freeze Federal Spending

The Non Partisan Congressional budget office announces the nation's deficit will be one point three five *trillion* dollars this year.The country currently has a debt of almost 12-point-four trillion dollars.And those numbers have congress and the president weighing in.Fox's Jennifer Davis reports from Washington.New numbers out today indicate the nation's deficit is slightly smaller than last year, but the government is still spending more money than it takes in, adding to our overall debt.By law, that debt can only go so high, so now the senate plans to raise that debt limit by two trillion dollars to accommodate more government spending.Elmendorf says: "In sum the outlook for the federal budget is bleak."As the president prepares his State of the Union Address - there's word he will propose a three year freeze on non-security domestic spending programs, which Democrats say will save $250 billion dollars over ten years.Gibbs says: "we have to get our fiscal house in order."Republicans - and some Democrats - say voter unease about sky high deficits and record unemployment makes it clear that the president shouldn't stop at a partial freeze.Bayh says: "People are asking themselves, they say we have to tighten our belts, we have to make hard decisions. Why can't the government do the same?"Democrat Evan Bayh and Republican John Mccain are teaming up to introduce an additional set of reforms to tighten controls on spending.Mccain says: "Just a three year spending freeze, frankly won't do it. We have to have a package of reforms to fix the broken system."Davis says: (on cam tag) "The white house says the president will consider creating his own deficit task force now that the senate has rejected creating a bipartisan panel this year to tackle the nation's debt. In Washington, Jennifer Davis, Fox News."



 


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