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U.S. Budget to Have Very Substantial Cut, Daley Says

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Jan. 30 (Bloomberg) -- William Daley, the White House chief of staff, said that President Barack Obama will lay out a “very substantial cut” to the budget and that the administration is “not open to refighting” the health-care law.

Daley, in an interview recorded yesterday and broadcast on CBS television’s “Face the Nation” program today, said controlling the deficit “will take a tremendous amount more” work than the president’s Jan. 25 proposal to save about $400 billion over a decade through a five-year freeze in annual appropriations. The freeze wouldn’t apply to defense, Medicare, Medicaid, Social Security and interest on the national debt.

“We’ve got to work our way over many years,” Daley said. Daley said new investments in infrastructure would help the U.S. economy recover from the recession. “No business, when they get in trouble, just cuts and has much of a business when the cycle comes back,” he said.

Daley challenged congressional Republicans, who have promised to cut billions of dollars from this fiscal year’s budget, to identify specific cuts.

“It’s the old saying, ‘Where’s the beef?’” Daley said. “Let’s see exactly the cuts they’re talking about.”

To contact the reporter on this story: Silla Brush in Washington at sbrush@bloomberg.net

To contact the editor responsible for this story: Kevin Costelloe at kcostelloe@bloomberg.net

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