Obama Wants Deficit Reduction Talks

Obama proposes cutting $770 billion in non-security discretionary spending by 2023, or about $64.2 billion per year.

Money_Out_of_HatPresident Barack Obama has requested that formal negotiations begin in May on reducing the long-term U.S. debt as a share of the economy and annual deficits.

Obama has asked Congressional leaders to help assemble teams of negotiators to debate the fiscal proposals. Obama has proposed Vice President Joe Biden and a total of 16 negotiators from the House and Senate chosen by majority and minority leaders from each side.

Obama, in a speech at Georgetown University in Washington, set a goal of reducing the federal deficit by $4 trillion in 12 years or less, in contrast with a Republican proposal which calls for $4.4 trillion in reductions in 10 years.

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Source: Gerald Helguero | International Business Times