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President Obama on Monday will propose a 2012 federal budget that the White House says will cut deficits by $1.1 trillion over 10 years.
The president's request calls for a mix of strategic spending to boost U.S. competitiveness and selective belt-tightening intended as a "down payment" on serious deficit reduction, according to his budget director Jacob Lew, who spoke on CNN's "State of the Union."
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