10:23 PM
Julio Barreto
Housing programs will join the list of other Federal programs subject to reductions when the president submits his FY 2012 budget Valentine’s Day. While President Barack Obama is proposing “painful” cuts to key programs in the next fiscal year in an effort to reduce the deficit, his proposal pales in comparison to the cuts proposed by House Republicans for the balance of the current fiscal year. Their proposal calls for close to $6 billion in cuts to housing programs as part of $100 billion in cuts to Federal programs.Anticipating negative reaction to the Obama budget proposal, the president’s staff has contacted supporters of various programs to provide them with a heads up to pending cuts. In a New York Times editorial Jack Lew, Director of the Office of Management and Budget (OMB), stated...
