WASHINGTON (Reuters) - President Barack Obama’s proposed budget for fiscal 2012 includes the five-year freeze on domestic spending that he outlined in his State of the Union address last month, a Democratic aide said on Friday.
The aide, briefed on the administration’s plans, said the freeze is projected to save $400 billion over 10 years, and bring non-security discretionary spending in 2015 to its lowest level in a half century. Obama will submit his budget to Congress on Monday.
The administration began briefing congressional staffers on Friday on the president’s budget.
Members of Congress and financial markets are eagerly awaiting Obama’s fiscal year 2012 budget to see the administration’s latest forecasts of U.S. economic growth and deficits over the next few years.
It also could detail new tax and spending initiatives not previewed in Obama’s State of the Union speech to Congress.
Reporting by Thomas Ferraro and Richard Cowan