Next Steps in Tackling the Deficit
By Mary Hough – Nov 29, 2010 3:47:16 PM ET
ORGANIZING FOR AMERICA
President Obama today announced the latest step toward reducing the deficit to ensure economic growth for the future.
Speaking this morning, the President asked federal employees to do their part, in the form of a proposed two year pay freeze. This measure will save $2 billion over the rest of this fiscal year, $28 billion over the next five years and more than $60 billion over 10 years.
Describing the decision as a difficult one, the President praised federal employees for the work that the do and the contribution that they make:
“I did not reach this decision easily. This is not just a line item on a federal ledger. These are people’s lives. They’re doctors and nurses who care for our veterans; scientists who search for better treatments and cures; men and women who care for our national parks and secure our borders and our skies; Americans who see that the Social Security checks get out on time, who make sure that scholarships comes through, who devote themselves to our safety. They’re patriots who love their country and often make many sacrifices to serve their country.”
The pay freeze is only one part of the measures being undertaken to reduce the deficit. There will also be a proposed three-year freeze of non-security discretionary spending—which will bring non-security discretionary spending to its lowest level as a share of the economy in 50 years.
As the President explained this morning:
“The hard truth is that getting this deficit under control is going to require broad sacrifice. And that sacrifice must be shared by the employees of the federal government. After all, small businesses and families are tightening their belts. Their government should, too.”
All federal spending is now published online at www.recovery.gov and www.usaspending.gov.
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