WASHINGTON (AP) - President Barack Obama sends his 2012 budget proposal to Congress tomorrow, and a summary obtained by The Associated Press indicates the administration will propose more than $1 trillion in deficit reduction over the next decade.
Two-thirds of that will come from spending cuts. House Speaker John Boehner is calling on the president to support GOP efforts to cut some $61 billion in this year's budget.
Among the programs expected to be trimmed are Pell Grants and other higher education programs. Administration officials say the budget plan calls for $100 billion in savings over 10 years. Most of the savings would come through two changes: an end to a policy that allows students to collect two grants in a calendar year and a reduction in loan subsidies for graduate and professional students. The savings would keep the maximum aid award at $5,550.
House Speaker John Boehner is calling on President Barack Obama to support Republican efforts to make deep cuts in this year's budget as a down payment on efforts to attack soaring deficits. The Ohio Republican sent a letter to Obama today, saying the path to prosperity means "liberating our economy from the shackles of out-of-control government spending and big government."
(Copyright 2011 by The Associated Press. All Rights Reserved.)