Photo: The White House
The White House is officially going to release its budget for the coming fiscal year at 10:30 this morning. The full announcement will be found here.Of course, several members of the media have the details already.
CBS’s Mark Knoller has been tweeting details, including:
- The budget will claim $1 trillion in deficit reduction over the next 10 years.
- During that time, however, total deficits will hit $7 trillion.
- Over 5 years, there will be $78 billion in defence spending cuts.
- There will be a 5-year freeze in discretionary non-defence spending.
- 3 year AMT patch will be proposed.
What’s not in the budget? Anything relating to Social Security and other entitlements.
Meanwhile, POLITICO has more details:
- Education spending will increase 11% next year.
- Foreign wars will cost $118 billion.
CNBC’s John Harwood also notes that the budget will include phase-outs of varous tax breaks.
We’ll be updating LIVE as we get more details and reactions.
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