Budget announcement 10:00 AM today

Via Business Insider Joe Weisenthal reports some of the buzz in DC:

The White House is officially going to release its budget for the coming fiscal year at 10:30 this morning. The full announcement will be found here.

Of course, several members of the media have the details already.

CBS’s Mark Knoller has been tweeting details, including:

  • The budget will claim $1 trillion in deficit reduction over the next 10 years.
  • During that time, however, total deficits will hit $7 trillion.
  • Over 5 years, there will be $78 billion in defense spending cuts.
  • There will be a 5-year freeze in discretionary non-defense spending.
  • 3 year AMT patch will be proposed.

What’s not in the budget? Anything relating to Social Security and other entitlements.

Meanwhile, POLITICO has more details:

  • Education spending will increase 11% next year.
  • Foreign wars will cost $118 billion.

CNBC’s John Harwood also notes that the budget will include phase-outs of varous tax breaks.

We’ll be updating LIVE as we get more details and reactions.

Read more: here