Daily Political Wire

George Wenschhof

Budget Spin Begins - President Obama submitted his budget yesterday, highlighting the 1.1 Trillion in reduction to the deficit over the next ten years and his commitment to investing in education and innovation for the future of America. President Obama will take to the podium today at 11:00 AM ET to further discuss his proposed budget.

Republican leaders were quick to respond the cuts did not go far enough and more needed to be made.

The NY Times has a favorable editorial here.

The White House has an easy review of the budget here.

My first and quick take is the budget still has a 1.1 Trillion deficit for one year alone and this deficit, although 500 billion less than this year's 1.6 Trillion deficit, still represents thirty per cent of the proposed 3.7 Trillion budget.

The proposed 1.1 Trillion in deficit reduction over the next ten years is only twenty-five per cent of the proposed 4.4 Trillion in deficit reduction recommended by the president's bipartisan deficit reduction committee.

In addition, no action was recommended on the three major entitlement programs; social security, medicaid, and medicare.

This is just the first step. There is lots of room for further discussion and further cuts. Let's see how it plays out and if reasonable efforts can be made on capitol hill in a bipartisan manner.

Politico.com has a preview on how the budget process will unfold here.

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Meanwhile, Continuing Resolution Debate Begins - as the budget was not approved for the current fiscal year and the current continuing resolution expires March 4.. Republicans had campaigned on cutting the FY'11 Budget by 100 Billion during the mid term elections. In the House, they will be presenting 61 Billion in cuts this week. The Washington Post has more here.

Will there be a government shutdown if Republicans and Democrats can not reach agreement by March 4? TheHill has more here.

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