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By: CNNMoney.com Staff Writer Charles Riley |
NEW YORK (CNN) – President Obama will announce a two-year freeze in the wages of federal employees Monday, with the intention of saving $60 billion over the next 10 years.
Obama was scheduled to announce the proposal later Monday.
According to an administration statement, the two-year pay freeze will save $2 billion for the remainder of fiscal year 2011, $28 billion over the next five years, and more than $60 billion over the next decade.
The freeze does not apply to military personnel, but will apply to all civilian federal employees, including those in various alternative pay plans and those working at the Department of Defense.
Republicans have argued in favor of a freeze in recent weeks, and the co-chairmen of Obama's bipartisan deficit commission made a similar recommendation earlier this month.
http://politicalticker.blogs.cnn.com/20 ... ore-137290
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