"So tonight, I am proposing that starting this year, we freeze annual domestic spending for the next five years. This would reduce the deficit by more than $400 billion over the next decade, and will bring discretionary spending to the lowest share of our economy since Dwight Eisenhower was president."
-President Barack Obama, State of the Union Address, January 25, 2011
President Obama proposed a five year spending freeze on domestic spending in his State of the Union speech last night. It represents nearly a half trillion deficit reduction which the president admitted will be "painful" but many Republicans are saying the reform is too little too late. Representative Paul Ryan, delivering the GOP response to the State of the Union, said that the "president and the Democratic leadership have shown, by their actions, that they believe government needs to increase its size and its reach, its price tag and its power." But with the situation growing more dire, the parties will be expected to figure out a solution.
Representative Eric Cantor, R, Virgina, is the majority leader of the Republicans in the House and tells T.J. Holmes that he thinks he and the president have similar goals, "I think that like the president, I'm a results-driven kind of guy. I want to see something done" and that debt reduction may not be the only thing they agree on.