Obama Proposes Freezing Federal Pay to Help Reduce U.S. Deficit
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President Barack Obama yesterday proposed freezing the pay of about 2 million federal workers this fiscal year and next as a step toward reining in the U.S. budget deficit.
The freeze, which requires congressional approval, would save more than $5 billion over the next two fiscal years ending Sept. 30, 2012. The administration has forecast the deficit will total $2.3 trillion over that time.