OMB Director says 2012 fiscal plan filled with “tough” trade-offs, even in areas of investment.

Highlights from Lew’s remarks:

“In a different environment, we wouldn’t be looking at making these kinds of reductions.”

“This is a budget that lives within our means.”

Low-income energy assistance program “never meant to be an entitlement program” and cut was a “tough decision” for admin.

Pell grants will be issued for regular school term, not summer school.