(WASHINGTON) -- When President Obama reveals his budget proposal to Congress on Monday, he will announce a hold on government spending for the next five years, among other cuts, a White House official tells ABC News.
The official said two-thirds of the savings will come from cutbacks in spending. The other third will come from tax hikes.
Some of the cuts include:
- Pell Grant reductions, which will save $100 billion over 10 years.
- A $78 billion reduction in defense spending.
- A reduction in the allotment of block grants for things like heating assistance and environmental programs.
- A freeze in pay for federal workers.
The White House says the budget will begin the process of cutting $1.1 billion off the federal deficit in the next ten years.
Although top Republican leaders like House Minority Leader Mitch McConnell, of Kentucky, have been critical of the Obama administration, the two sides are hoping to compromise on fiscal reductions.
Copyright 2011 ABC News Radio