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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

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Continuing Resolution reductions

Talking Points Memo points us to a nine page chart specifying which programs are sustaining funding cuts in the Continuing Resolution reductions as published by the Republicans on the House Appropriations Committee. (h/t rjs)

(h/t MG) The original documents from the House Committee on Appropriations are located here. These include the legislation text, legislation summary, and the program cuts. The legislation summary provides a breakdown of spending authority.

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Don’t savings lower the deficit?

AP’s Andrew Taylor describes a part of the federal budget debate that needs clarification for the average voter and others regarding this current round of ‘negotiations’:

Some $18 billion of the spending cuts involve cuts to so-called mandatory programs whose budgets run largely on autopilot. To the dismay of budget purists, these cuts often involve phantom savings allowed under the decidedly arcane rules of congressional budgeting. They include mopping up $2.5 billion in unused money from federal highway programs and $5 billion in fudged savings from capping payments from a Justice Department trust fund for crime victims

Both ideas officially “score” as savings that could be used to pay for spending elsewhere in the day-to-day budgets of domestic agencies. But they have little impact, if any, on the deficit.

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