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Do Cuts in Obama’s New Budget Go Far Enough?

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  • Description

    FBN’s Peter Barnes breaks down Obama’s new budget plan.

  • Duration 2:34
  • Date

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We have big -- love is a tough -- in Greece -- need to worry here critics saying that the president budget offers very little in the way of tough spending cuts to Peter Barnes.

On the continuing cuts that just don't.

Cut it what's going on here.

Pain you know it's an election year proposal to spend three point eight trillion dollars in fiscal -- thirteen a record amount of federal spending for the federal government.

And the red ink.

Just keeps flowing.

And -- -- can see in these budgets one point three trillion dollars for the current fiscal year that's because the president wants to.

Spend 350 billion dollars to keep stimulating the economy then get down to 900 billion in 2013.

Keeps going down but then pops back up around seven -- billion.

In ten years but the administration says that -- Deficits would be worse or not for four trillion dollars in deficit reduction it says there are in this budget which would get it the deficit from up about eight and a half percent of GDP today down to 3% of GDP by 20/20 two.

I'm proposing some difficult cuts that frankly I wouldn't normally make.

If they weren't absolutely necessary but they are.

And the truth is we're gonna have to make some tough choices.

In order put this country back on a more sustainable fiscal -- But this budgets dead on arrival for Republicans on Capitol Hill hill -- it includes one point five trillion dollars in higher taxes and higher tax revenue mainly from families making over 250000.

Dollars a year Republicans say it's also full of gimmicks for example they say that the president.

-- on improperly.

Takes credit for a trillion dollars in savings for winding down the -- is an -- -- -- in -- in Iraq and Afghanistan.

That was money that was never going to be spent anyway take a listen.

Joseph -- -- re.

The only question.

Is one this present all refusal to -- We'll catch up all -- restaurant.

I always say politics is a contact sport well a great example from the budget today Neil on page thirteen 21.

Of the budget our colleague Ed Henry at Fox News.

Learned that the president has zeroed out 6860.

Million dollar voucher school voucher program here in the District of Columbia that is a pet project of house speaker John Boehner.

Back to you.

And a man alright Peter thank -- --

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