WASHINGTON, April 10 (UPI) -- U.S. President Barack Obama proposed Wednesday to cut the Treasury Department's discretionary funds in 2014 but not to turn away from regulatory reforms.
The proposed budget for the department in the fiscal year beginning in October would allow for $14.2 billion in discretionary funding. Excluding investments in the IRS, the proposal calls for a 2.3 percent spending reduction for the Treasury Department from the 2012 level enacted by Congress.
The exemption from cuts applies to the IRS and also to "select investments ... made in high-priority programs," the White House proposal says.
The proposal calls for improvements in tax enforcement, which is expected to generate "$32.7 billion in net savings to reduce the deficit over the next 10 years."
In addition, the department can save $350 million through technology consolidation, the budget proposal says.
The proposal trims down the Treasury Department, but includes increases for the Securities and Exchange Commission and the Commodity Futures Trading Commission of 27 percent and 54 percent, respectively.
The president's proposal also looks to "vigorously support the protection of American consumers and investors, including through the new Consumer Financial Protection Bureau's efforts to protect consumers and penalize bad actors in the ﬁfinancial services marketplace," the proposal said.