Loan Modification

Obama to Send Congress Multitrillion-Dollar Budget Likely to Show Cutbacks

By Implode-Explode Heavy Industries

``In his Jan. 25 State of the Union address, the president proposed a five-year freeze on all annual appropriations for a savings of about $400 billion over a decade. It wouldn?t apply to defense, Medicare, Medicaid, Social Security and interest in the national debt. As a result, the freeze would apply to 18 percent of the budget, or $663 billion, in the current 2011 fiscal year, the CBO said in an economic outlook published Jan. 26. ''

I don't know about you, but I love when a freeze on a pithy 18% of the budget's presumed automatic yearly increases is called "savings".

Full post as published by Mortgage Lender Implode-o-Meter on January 31, 2011 (boomark / email).