President Barack Obama's upcoming budget plan, which according to senior administration officials will include proposed changes to Social Security and Medicare plus some new tax increases in an effort for the president to reach a deal with Republicans on deficit reduction, quickly drew criticism from liberal groups on Friday.
The progressive group MoveOn.org labeled the president's proposed changes to Social Security as "unconscionable" and Democracy for America called the cuts "profoundly disturbing."
"Millions of MoveOn members did not work night and day to put President Obama into office so that he could propose policies that would hurt some of our most vulnerable people," read a statement from Anna Galland, executive director of the group.
The budget will include an offer Obama made to House Speaker John Boehner in December, officials said. That proposal included $400 billion in savings to Medicare over 10 years.
Published March 13, 2013
The U.S. federal budget deficit jumped in February from January, though it is still running well below last year's pace. Higher taxes and an improving economy are expected to hold the annual deficit below $1 trillion for the first time since President Obama took office.
The Treasury Department said Wednesday that the deficit grew in February by $203.5 billion. That followed a small surplus of $2.9 billion in January. And February's gap was $28 billion smaller than the same month a year ago.
Through the first five months of the budget year that began on Oct. 1, the deficit is $494 billion. That's nearly $87 billion lower than the budget gap for the same period a year ago.
The Congressional Budget Office estimates the deficit will total $845 billion for the entire year. That would be down from $1.1 trillion in the 2012 budget year and the lowest since 2008.
Even with the improvement, the government would be required to borrow 24 cents of every dollar it spends this year.