Lew Says Tough Budget Cuts In Store For Feds

President Barack Obama is putting forward his own plan that offers $1.1 trillion in deficit reductions over the next decade. Two-thirds of those savings would come from spending reductions including $400 billion in savings from a five-year freeze on spending in many domestic government agencies. Jacob Lew, the president's budget director, stressed a desire to find a compromise that would avoid a government shutdown.  

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