The White House Budget Director Jack Lew has requested various government agencies to forward their budgets with cuts of at least 5% and provide them with more options to increase savings of at least 10% as policy makers are trying to find ways to decrease federal spending.
Lew said, “Offering pared-down fiscal 2013 budgets below 2011 levels will provide the president with the information to make the tough choices necessary to meet the hard spending targets in place and the needs of the nation. Even as they target programs to cut, department and agency heads should also identify programs to double down on if they can boost economic growth.”
The President of the United States Barack Obama is trying to find a long term solution in order to decrease deficit reduction through entitlement benefit cuts as well as higher taxes with quicker solutions to enhance job growth in the country.
The President aims to ask the Congress for billions of dollars in new spending in order to lower the jobless claims as he aims to have a long term solution for deficit cuts. He is set to discuss this in his speech following the September 5 United States Labor Day Holiday.
A 12 member congressional panel is going to be formed in compliance with the debt cut and raised debt limit deal to be able to look for ways to save at least $1.5 trillion by November 23.
Obama had asked federal agencies a year ago to reduce their budget requests by 5%.
Tags: federal agencies, White House Budget, tough choices, billions of dollars, Business Finance, Various Agencies, States Barack Obama
