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| Version 4 | Version 5 |
|---|---|
| Obama warning of 'hard choices' | Obama warning of 'hard choices' |
| (20 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. | "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 predicted that some of his decisions would be unpopular with special interest lobbying groups in Washington. |
| Healthcare subsidies | |
| 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". | 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. | 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. | This would amount to 12.3% of GDP, the highest percentage since World War II. |
| The president said that one of the plans in the budget would be a scheme to give a subsidy to recently-unemployed people to help them maintain their healthcare funding. | |
| Providing easier access to healthcare was one of his key election promises and more detail is expected in the budget speech. | |
| There will be much interest in how the president plans to control the budget deficit, despite the huge spending on financial stimulus packages. | |
| "We're going to go through our books page by page, line by line to eliminate waste and inefficiency," he said. | |
| "This is a process that will take time, but in the last 30 days alone, we have already identified $2tn in deficit reductions that will help us cut our deficit in half by the end of my first term." |