Obama tries his hand at fiscal responsibility:
I am proposing that starting this year, we freeze annual domestic spending for the next five years. This would reduce the deficit by more than $400 billion over the next decade, and will bring discretionary spending to the lowest share of our economy since Dwight Eisenhower was president.
This freeze will require painful cuts. Already, we have frozen the salaries of hardworking federal employees for the next two years. I’ve proposed cuts to things I care deeply about, like community action programs. The Secretary of Defense has also agreed to cut tens of billions of dollars in spending that he and his generals believe our military can do without.
While we would like to see deeper spending cuts, this is a good first step. I'd encourage all of you to check out the NTU-PIRG report, "Toward Common Ground," for a list of $600 billion worth of specific reductions.