President Obama has announced a two-year pay freeze for civilian federal workers.

The White House says the 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 10 years.

It would apply to all civilian federal employees, including those in various alternative pay plans and those working at the Department of Defense – but not military personnel.

Click here for more from our colleagues at The Oval and here to read the official announcement on the plan.

(Posted by Doug Stanglin)