Obama vows to cut U.S. budget deficit by half in 4 years_Latest News--China Economic Net
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Obama vows to cut U.S. budget deficit by half in 4 years
Last Updated(Beijing Time):2009-02-24 11:40
U.S. President Barack Obama vowed on Monday that he will cut his country's budget deficit by 2013.

"Today, I am pledging to cut the deficit we inherited by half by the end of my first term in office," Obama declared, as he opened a "Fiscal Responsibility Summit" at the White House.

"This will not be easy. It will require us to make difficult decisions and face challenges we've long neglected," said the president. "But I refuse to leave our children with a debt that they cannot repay, and that means taken responsibility right now, in this administration, for getting our spending under control."

Obama invited lawmakers, business figures and academics to the White House summit to address the nation's future financial health.

"If we confront this crisis without also confronting the deficits that help cause it, we risk sinking into another crisis down the road," said Obama at the summit.

"To start reducing these deficits, I have committed to going through our budget line by line to rout out waste and inefficiency, a process that Peter and our administration, our team, has already begun," said the president.

"And I'll soon be instructing each member of my Cabinet to go through every item in their budgets as well. And already we've seen how much money we can save, just in the last 30 days," he said.

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