Problems with the President’s Budget Plan

President Obama has urged Congress to work with his administration to solve the United States’ long-term budget problems.  In its last five fiscal years, the United States has run four $1 trillion-plus annual deficits, and is on pace for approximately $850 billion in fiscal year 2013.  The President has said he can support $930 billion in spending cuts over ten years.  However, at least three problems exist with his position.  First, the $930 billion would be offset by reversing the sequester’s spending cuts of $1.2 trillion.  Second, $930 billion over ten years sounds enormous, but it is actually a small sum in the context of the aggregate expected federal budget for the next ten years- $46 trillion.  Third, the $960 billion in spending cuts may be the result of a wishful estimate rather than a careful calculation.  For example, some of the $200 billion in proposed spending targets discretionary programs, but a good chunk of these cuts are unspecified