Obama Promises to Cut the Fiscal Deficit in Half by End of Term

President Barack Obama pledged to cut the fiscal deficit in half by the end of his first term on Monday, and stressed the importance of responsible spending.

Speaking at the White House, Obama said there is an immense fiscal deficit challenge that lies ahead for the United States.

"You don't spend what you don't have, so if you want to spend, you need to find somewhere else to cut," he said.

Obama announced the budget will look 10 years ahead, outlining spending and expected deficits, and that the budget will be scrutinized "line by line" to find savings.

He also said the U.S. government will use transparent accounting practices.

By Megan Ainscow and edited by Stephen Huebl
©CEP News Ltd. 2009