The new week brings a new plan for the federal budget. The President will release his request just hours from now but details are already leaking out.
“We anticipate about $3.8 trillion in spending,” said Steve Bell, senior director of the Bipartisan Policy Center’s Economic Policy Project. This is up slightly from President Barack Obama’s 2012 budget proposal of $3.73 trillion.
“But, if we can cut through all the numbers and all the political rhetoric and look at what the President is really proposing, knowing that almost none of it will become law, I think there are some interesting things in here,” Bell said.
He told The Federal Drive with Tom Temin Monday morning that the President’s budget asks for an increase of about $4 trillion in deficit reduction over the next 10 years.
“If that would occur, we would avoid the kind of mindless sequestration, the across-the-board cuts that are scheduled to go into effect in January of 2013,” he said. “So he has reacted very firmly to that threat.” Many of the proposals the President floated during last year’s budget negotiations are included in the budget he’s submitting today.