obama walkingAs we told you earlier, deficit reduction will be among five "pillars" of the plan for the economy that President Obama will lay out in his State of the Union address. But it had appeared that he would offer few specifics for shrinking the budget gap.
But the freeze appears largely symbolic. It won't affect the major contributors to the federal deficit: Social Security, Medicare, and defense spending. It also won't apply to interest payments on the federal debt, homeland security or foreign aid -- the latter being a favorite target of small government advocates, though it represents a tiny share of government spending.Read More »from Obama to call for spending freeze — but major items unaffected