first_imgMonday 14 February 2011 10:08 pm Obama faces Congress spat over budget KCS-content Show Comments ▼ Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To center_img US PRESIDENT Barack Obama yesterday pledged to halve the US deficit by 2013 and axe $1.1 trillion (£686m) of spending over the next decade in an effort to contain the budget deficit, but expects to run up a record $1.6 trillion deficit in 2011. Republicans said the President had not gone far enough in curbing costs, setting the scene for a year-long fight with Congress before the budget can be passed.But Obama said as he launched his budget that swingeing cuts for the Pentagon, subsidised housing and college students are a down-payment for the recovery of the US economy. Obama’s $3.7 trillion budget proposal for 2012 shows the deficit rising to a record $1.6 trillion in 2011, then falling sharply to $1.1 trillion in 2012.This proposal would trim the deficit as a share of the US economy to 3.2 per cent by 2015 from 10.9 per cent this year, in line with pledges made by G20 leaders to curb runaway deficits. US debt will hit its legal limit of $14.3 trillion by the end of May unless politicians act to lift that ceiling.Two-thirds of the savings will come from spending cuts, with the rest coming from tax hikes and higher revenue as economic growth starts to pick up. US companies are set to lose some tax breaks for income earned abroad under the plans, with Obama seeking $129bn over 10 years by cutting big business benefits.The budget also calls for extra funding for financial watchdogs including the Securities and Exchange Commission.FAST FACTS | US BUDGETUS Presidents publish a budget proposal every February, which must be approved by the Senate and the House of Representatives.Obama plans to run a record fiscal deficit of $1.6 trillion in 2011, before cutting back in 2012. whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over Share whatsapplast_img read more