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Obama warning of 'hard choices' Obama warning of 'hard choices'
(9 minutes later)
President Barack Obama has warned that there are "tough choices" about spending to come, as he prepares to unveil his first budget to Congress.President Barack Obama has warned that there are "tough choices" about spending to come, as he prepares to unveil his first budget to Congress.
In a press conference, he promised to roll back tax cuts for the very wealthy and businesses that move jobs overseas.In a press conference, he promised to roll back tax cuts for the very wealthy and businesses that move jobs overseas.
He added that instead, he would bring in tax cuts that would benefit 95% of hard-working families.He added that instead, he would bring in tax cuts that would benefit 95% of hard-working families.
The president said he would reduce the huge budget deficit by eliminating waste and inefficiency in government.The president said he would reduce the huge budget deficit by eliminating waste and inefficiency in government.
"There are some hard choices that lie ahead," he said, adding that there were areas where the government would like to spend money in normal economic times, but would be unable to at the moment.
He predicted that some of his decisions would be unpopular with special interest lobbying groups in Washington.
He also promised that the budget would be an honest accounting of the country's economic situation and "includes the full cost of fighting in Iraq and Afghanistan".
The budget is expected to project a 2009 deficit of $1.75tn, up from $455bn a year earlier, according to local media.
This would amount to 12.3% of GDP, the highest percentage since World War II.