Four days after the Treasury Department released its plans for revamping the housing market, the White House is proposing a budget that will cut the federal deficit from making up roughly 10% of the overall economy to 3% of the economy in a decade, according to Jack Lew, director of the White House’s Office of Management and Budget. Lew said in a White House video Sunday that the financial downturn combined with federal tax and spending policies created a federal deficit that the White House hopes to reduce by half in the next three years. “The challenge is we need to get to a place that is sustainable,” Lew said. Lew told CNN Monday morning “it’s a tough budget” that includes $1.1 trillion in cuts. One of the cuts will be to the federal Low-Income Home Energy Assistance Program, which assists low-income families by covering a portion of their household energy expenses. Lew said while the cuts are tough, programs such as the Low-Income Home Energy Assistance plan were implemented when energy prices were dramatically high, an issue that he says has subsided in recent years. Write to Kerri Panchuk.
Obama budget includes $1.1 trillion in cuts
Most Popular Articles
Latest Articles
The best real estate podcasts for agents and brokers in 2024
The best real estate podcasts to motivate, inspire, entertain and enlighten you this year.
-
Home sellers saw their profits shrink in the first quarter: Attom
-
If reelected, Trump could seek greater control over Federal Reserve
-
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
-
HUD walks back some proposed changes to HECM for Purchase program
-
Retirement confidence hasn’t fully recovered, but survey shows hope for future prospects