President Barack Obama vowed to slash 17 billion dollars in "stunning" government waste, as he showcased a 3.44-trillion-dollar budget at a time of historic deficits and economic crisis.
The White House trumpeted spending cuts in the bulky 1,300-page document, but Republicans warned the savings, amounting to less than half of one percent of the total outlay, were too small and would not ease growing US debt."The administration's proposed cuts, while welcome, don't go far enough, and they appear to be a diversionary tactic, an effort to change the subject away from the unprecedented debt this budget heaps on future generations,"
The nonpartisan Congressional Budget Office (CBO) forecast recently that the budget deficit could hit 1.845 trillion dollars for the whole 2009 year, or 13.1 percent of the country's total economic output.
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