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Obama plans $17bn budget savings Obama plans $17bn budget savings
(10 minutes later)
President Barack Obama has said he aims to cut $17bn (£11bn) from next year's US government budget, saying he had found examples of "stunning" waste.President Barack Obama has said he aims to cut $17bn (£11bn) from next year's US government budget, saying he had found examples of "stunning" waste.
A total of 121 existing government spending schemes will either see their funding reduced or cut completely.A total of 121 existing government spending schemes will either see their funding reduced or cut completely.
He added that he hoped to halve the government's budget deficit by the end of his first term in office.He added that he hoped to halve the government's budget deficit by the end of his first term in office.
President Obama said a lot of money was currently being spent "inefficiently and ineffectively" by federal agencies.President Obama said a lot of money was currently being spent "inefficiently and ineffectively" by federal agencies.
"At this difficult time for our nation, we can't accept business as usual," he said."At this difficult time for our nation, we can't accept business as usual," he said.
"We must create a government for the 21st Century that is more efficient.""We must create a government for the 21st Century that is more efficient."
President Obama added that some of the cuts would not be easy, but that they were necessary.President Obama added that some of the cuts would not be easy, but that they were necessary.
"We can no longer afford to leave the hard choices for the next budget, the next administration - or the next generation," he said.
The planned $17bn of savings represents 0.5% of the approved $3.4tn budget for 2010.
President Obama said the 121 schemes he was targeting for savings were diverse, ranging from a weapons system to a Department for Education office in Paris that would now close, and the end of some healthcare subsidies.