Budget Battle

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Tuesday, February 15, 2011 - 11:14am

Congress battles next year's budget, but still haven't worked out this year's budget.

Unless Congress acts, money to run the Federal government runs out march 4th.

The House votes later this week on cutting 61 billion dollars from what we're spending this year.

The Pentagon is worried.

Secretary of Defense Robert Gates said, "The damage done across our military from that reduction would be magnified."

Secretary of State Hillary Clinton said, "Cuts of that level will be detrimental to America's national security."

Much of what we owe is paying for wars overseas. Even Democrats worry it costs way too much.

Representative Barney Frank of the House Financial Services Committee said, "America can no longer afford to police the world."

President Obama's new budget is up for scrutiny in several hearings today.

Jacob Lew, Director of the Office of Management and Budget said, "We're tightening belt to stay within our means."

"The only way to truly tackle deficit is to cut excessive spending wherever we find it," said President Barack Obama.

Three-point-seven trillion dollars…Republicans call it irresponsible, patronizing and full of tricky math.

Representative Paul Ryan, the Chairman of the House Budget Committee said, "It looks like to me that this thing has about $8 of tax increase for $1 of spending cuts."

But first: Congress has less than three weeks to deal with this year's budget and prevent a government shutdown.

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