Obama to Submit First Budget Request

February 22, 2009 12:00:00 AM PST
President Obama is preparing to submit his first budget request to congress.A White House official said the goal is to cut the $1.3 trillion dollar deficit by half, by the end of his first term. The plan would be to cut spending in at least two key areas; winding down the war in Iraq and federal healthcare spending.

But the budget President Obama is expected to lay out hinges on all things going his way and is based on the stimulus package succeeding. "This is a budget estimate. And the estimate is based on things going well in Iraq. Steady force cuts, nothing going wrong, no real tensions, no real need to keep us force levels longer than we'd like," said ABC News Consultant Tony Cordesman.

But his first fight is likely to be over his plan to raise taxes. He'll allow the Bush tax cuts for those making more than $250-thousand dollars a year to expire in 2010.

The president also plans to announce Monday that he's appointing a former Secret Service agent to oversee the $787-billion dollar economic stimulus plan. An administration official said Obama is set to name Earl Devaney as chairman of the new Recovery Act Transparency and Accountability Board.

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