There has been much buzz about President Obama's proposed three year budget freeze on discretionary spending. The spending covered by President Obama's proposal is only 17% of the federal budget. It would only make a $15 billion reduction of next years $1.4 trillion projected deficit.
The WSJ reported:
To attack the $1.4 trillion deficit, the White House will propose limits on discretionary spending unrelated to the military, veterans, homeland security and international affairs, according to senior administration officials. Also untouched are big entitlement programs such as Social Security and Medicare.