President Barack Obama’s 2012 budget plan would slash the deficit by $1.1 trillion over a decade through spending cuts and tax increases in a budget he calls a “downpayment” on fiscal control.
The President’s 2012 Budget is a responsible approach that puts the nation on a path to live within our means so we can invest in our future – by cutting wasteful spending and making tough choices on some things we cannot afford, while keeping the investments we need to grow the economy and create jobs. The White House intends to get two-thirds of the $1.1 trillion in savings from spending cuts and one-third from tax revenues, including closing several tax loopholes.
Watch this video of "Hoyer Affirms Budget Proposed by President Obama".
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