| Obama Working on Plan to Slash Deficit | |
| 23 February 2009 |
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| President Barack Obama addresses the nation's governors during a dinner at the White House in Washington, 22 Feb 2009 |
The projected deficit soared well above the one trillion dollar level as the Bush and Obama administrations struggled to bolster the financial sector and re-start the stalled economy with loans to banks and spending on infrastructure.
Critics of the bailout and stimulus plans have said the vast costs will saddle the nation with debt, and burden future generations with higher taxes.
Mr. Obama speaks to a group of lawmakers and economic experts Monday about fiscal responsibility (prudent spending) as the administration gets ready to unveil its 2010 budget plan later in the week.
The president may give more details of his plans to aid the economy when he addresses Congress Tuesday.
News reports say Mr. Obama will try to cut the deficit by allowing Bush-era tax cuts for the wealthy to expire, removing troops from Iraq, and cutting other government spending.
Senate Republican leader Mitch McConnell said Sunday on CNN that he believes the budget will raise taxes on small businesses, and ultimately, hurt the economy.
Some information for this report was provided by AP and Reuters.
VOA
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