President Obama's fiscal 2010 budget calls for $3.55 trillion in spending and creates space for up to $750 billion in additional bank bailout funds.President Obama on Thursday unveiled a $3.55 trillion budget for next year, a spending plan that sets aside billions for health care and the ailing financial industry and drives up the federal deficit to record levels.
The president, who gave an overview of the fiscal 2010 budget Thursday morning, said he is beginning the long-term task of restoring fiscal discipline despite massive deficit spending he claims is necessary to kick-start the economy.
"There are some hard choices that lie ahead," Obama said. "We're going to go through our books, page-by-page, line-by-line to eliminate waste and inefficiency."
He said his administration has already identified $2 trillion in reductions over the long-term.
But he said "we must add to our deficits in the short-term to provide immediate relief to families and get our economy moving."
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