U.S. President Barack Obama's 2012 budget proposal aims to slash $1.1 trillion from the U.S. deficit over 10 years. It includes a range of domestic spending reductions. The president faces the twin tasks of bringing down the ballooning budget deficit while keeping the economy afloat.
The Congressional Budget Office expects the budget deficit to hit $1.5 trillion this year. Couple that with a national debt nearing its $14.3 trillion ceiling, and a stubbornly high unemployment rate, Obama has his work cut out for him.
However, Republicans retort the plan does not go far enough, and that it still spends, taxes and borrows too much. They are promising a plan of their own that will go further.
Tell us what you think: Is this the right time for the U.S. to be reducing its budget deficit?