Tuesday, February 15, 2011

Top Officials Push Obama Budget Request - Geithner, Lew testify - CSPAN

Source: CSPAN




President Obama sent his FY2012 budget proposal to Congress yesterday, which contain $3.73 trillion in spending and claims $1.1 trillion in spending cuts. The budget proposal contains a five-year freeze on domestic discretionary spending, which the White House says will save $400 billion. Today, White House budget chief Jack Lew and Treasury Secretary Timothy Geithner are testifying before several Committees on the Hill to sell the plan to members of congress.

Earlier today, House Budget Committee Chairman Paul Ryan (R-WI) held the first of two hearings this week with the goal of examining the President's budget request.

Office of Management and Budget (OMB) Director Jacob Lew appeared in front of the House Budget Committee stating that the administration’s budget will act as a “down payment.” He also explained that the budget plan addresses the next 5 to 10 years and provides room for compromise in the long- term. This afternoon, Lew is now before the Senate Budget Committee for more member inquiries into the budget request figures.

The House Ways and Means Committee delved into the basic elements of Pres. Obama's 2012 budget request during a hearing with Treasury Secretary Timothy Geithner. Committee Chairman Dave Camp (R-MI) recently announced that his panel will review the President's budget proposals and "explore ways in which we can work on a bipartisan basis to reduce complexity and develop the pro-growth tax policies our families and job creators need."

Releasing the White House's 2012 budget is only the first step in an approval process that involves 40 congressional committees, 24 subcommittees, a variety of hearings and a number of floor votes in the House and Senate

Updated: 37 min. ago

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