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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Obama to target govt spending AFP - Monday, April 20 WASHINGTON (AFP) - - President Barack Obama, after a weekend of handshake diplomacy in the Caribbean, warned of "significant" risk to the US economy ahead of his first full cabinet meeting Monday to hash out plans to cut spending. ADVERTISEMENT At the roundtable meeting, three months to the day after his inauguration, Obama plans to ask for specific proposals from his cabinet to cut government spending and "restore a sense of responsibility and accountability" to the US federal budget. Faced with mushrooming budget deficits, the US leader Sunday called for "aggressive action" to counter the persistant credit jam that still clogs the financial system. "While there have been some encouraging signs that our economy may be stabilizing, the risks remain real and significant," Obama said in an interview published in Fortune magazine Sunday. "History has shown repeatedly that when nations do not take early and aggressive action to get credit flowing again, they have crises that last for many years instead of many months," he said. The cabinet meet comes on the heels of a whirlwind weekend of diplomacy on the Caribbean island of Trinidad at the Summit of the Americas where, by the end, Obama tempered speculation that a historic thaw in relations between the United States and Cuba was around the corner. The US embargo on the communist island, he said, would not be changed overnight. "Issues of political prisoners, freedom of speech and democracy are important, and can't simply be brushed aside," he said. Back in Washington, however, domestic priorities are set to shape the agenda in coming weeks, as Obama's administration keeps on its efforts to reshape the economic outlook. The nonpartisan Congressional Budget Office (CBO) forecast last month the budget deficit could hit 1.845 trillion dollars for the whole year, based on Obama's 3.5-trillion-dollar budget plan approved by Congress. The CBO said its budget deficit estimate for fiscal 2009, which ends on September 30, would be four times the 2008 record shortfall and amount to 13.1 percent of the country's total economic output. The Obama budget forecasts a 1.750 trillion dollar deficit in fiscal 2009, but foresees that figure falling to 1.171 trillion dollars in 2010. The plan sees the deficit soaring to the largest percentage of gross domestic product since World War II. The United States, Obama told Fortune, needs to update its regulatory codes with "sound rules of the road." US economic priorities require revision to "reward drive and innovation instead of shortcuts and abuse," he added. "My hope is that by taking the steps we are taking today, from stabilizing our financial system to helping our auto industry restructure to become more competitive, it will help speed the day that the government can get out of the way and let the private sector do what it does best -- innovate, create jobs, and grow the economy." The latest government figures showed the economy contracted by 6.3 percent in the last quarter of 2008, following a home-mortgage meltdown that triggered financial turmoil and slammed the brakes on economic growth. A modest return to growth is not expected by economists until the third quarter of 2009. In his weekly address Saturday Obama said the process of finding ways to cut government spending had already begun, with his administration scouring the budget line by line for programs that do not work and can be replaced with more efficient ones. Obama praised Homeland Security Secretary Janet Napolitano for ending contracts to create new seals and logos for her department that would have cost the treasury three million dollars, as well as Defense Secretary Robert Gates for finding ways to eliminate hundreds of billions of dollars in spending. Fortune reported in its latest edition that 2008 was the worst year ever for the 500 largest corporations that are tracked by the business magazine. "Last year was the worst economic performance in the 55-year history of the Fortune 500 list of America's biggest 500 companies," Fortune said in a statement. "Earnings dropped 84.7 percent from the previous year, from 645 billion dollars to 98.9 billion dollars, marking the largest one-year decline ever," it said. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Obama's Presidency Al-Qaeda says Obama 'did not change anything'AFP - Monday, April 20 Obama to target govt spendingAFP - Monday, April 20 Chavez foes tell US Venezuelan democracy at riskAP - Monday, April 20 Chavez book pick rockets up bestseller listsAFP - Monday, April 20 Enlarge Photo The US Federal Reserve building in Washington, DC. US President, Barack Obama, has warned of a "significant" risk to the US economy ahead of his first full cabinet meeting which is set to hash out plans to cut spending. Related Photos Slideshow US elections 2008 Related Full Coverage Obama's Presidency What change will Obama bring? Will it affect the rest of us globally? 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