12 Feb '11, 2pm

Obama says budget will feature cuts, investment

WASHINGTON: US President Barack Obama said on Saturday he was determined to carry out budget cuts needed to improve America's balance sheet, but insisted on making key investments in the country's future. The president unveils his spending blueprint on Monday, with White House officials saying it will freeze annual domestic spending for the next five years and help the United States reduce the budget deficit by more than $400 billion over the next decade. "We've stripped down the budget by getting rid of waste," Obama said in his weekly radio address. "For example, we're getting rid of thousands of government-owned buildings that sit empty because they aren't needed," the president explained. "I've also proposed freezing salaries for hard-working government employees, because everyone has to do their part. And I'm going to make sure politics doesn't add to our deficit, by ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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