Obama calls for budgetary straitjacket

Obama calls for budgetary straitjacket Barack Obama called on Congress to create a budgetary straitjacket that would restrict future US deficits, as part of a sweeping plan to rein in America’s debt through a mixture of spending cuts and tax increases.

The US president proposed cutting $4,000bn from deficits in the next 12 years, shrinking discretionary spending and the defence budget, and reducing government outlays to Medicare and Medicaid, the largest federal healthcare programmes.
http://link.ft.com/r/19JYUU/6V8490/V1UB9K/3O1LF7/5CTUHF/36/h?a1=2011&a2=4&a3=13