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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 convene cabinet to cut govt spending AFP - Sunday, April 19 WASHINGTON (AFP) - - US President Barack Obama, faced with mushrooming budget deficits, announced he will convene his first full cabinet meeting Monday and ask his secretaries for specific plans to cut spending. ADVERTISEMENT He also added to his administration two new officials, Jeffrey Zients and Aneesh Chopra, whose task will be to streamline processes, cut costs and make the government more efficient. "And this Monday, at my first, full cabinet meeting, I will ask all of my department and agency heads for specific proposals for cutting their budgets," Obama said in his weekly radio address Saturday. The announcements came after 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 early this month. 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. But the president touted a string of cost savings and said that in the coming weeks he will announce the elimination of dozens of wasteful or ineffective government programs -- and vowed to be tough. "In this effort, there will be no sacred cows, and no pet projects," he promised. "All across America, families are making hard choices, and it's time their government did the same." In his address, Obama said that the future of America will depend not only on building a more efficient economy, controlling health care costs and improving the education system, but also on "restoring a sense of responsibility and accountability" to the US federal budget. "Without significant change to steer away from ever-expanding deficits and debt, we are on an unsustainable course," he stressed. The president said the process of finding ways to cut government spending had already begun, with his aides scouring the budget line by line for programs that do not work and can be replaced with more efficient ones. He noted that they are focusing on ending tax breaks for companies that ship jobs overseas, ending fraud and abuse in the Medicare program that serves the elderly, and reforming the health care system to cut costs for families and businesses. According to Obama, his administration is also looking for ways to strengthen protections for government employees who step forward to report wasteful spending and wants to reinstate the pay-as-you-go rule that mandates that any new spending program must be offset by cuts elsewhere. 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. Earlier this month, Gates proposed halting production of F-22 fighter jets, canceling a new presidential helicopter and delaying ship building plans. He also called for cutting 1.4 billion dollars from missile defense weaponry in the 2010 budget, canceling plans for more C-17 transport aircraft and scrapping a US Army vehicle that forms part of a hi-tech network known as Future Combat Systems. Obama also announced that Zients, a management consultant and entrepreneur, will join his administration as chief performance officer and deputy director for management at the Office of Management and Budget. Meanwhile, Chopra, the state of Virginia's secretary of technology, will serve as the chief technology officer. "With the leadership of these individuals, I am confident that we can break our bad habits, put an end to the mismanagement that has plagued our government, and start living within our means again," Obama pointed out. "That is how we will get our deficits under control and move from recovery to prosperity." Obama is currently on a whirlwind diplomatic mission at the Summit of the Americas in Trinidad and Tobago, before the gathering wraps up just after midday (1600 GMT) Sunday. Top Obama economic advisor Lawrence Summers told reporters in Port of Spain that "what was striking in (Latin and Caribbean leaders') comments were a number of commonalities. Recognition of the gravity of the situation. Gratitude for what they perceived as a very different American sensibility than they had been engaged with earlier." There was "concern that these (US) policies be implemented as effectively as possible. A recognition in many ways Latin America was a victim of a storm that had started outside of its borders, and appreciation, for example, that the IMF was taking a different posture toward the region than it had historically," Summers 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 Iran jails US reporter for eight yearsAFP - 1 hour 40 minutes ago Obama to convene cabinet to cut govt spendingAFP - Sunday, April 19 Obama and US critic Chavez shake hands at summitAFP - Saturday, April 18 Obama seeks 'new beginning' with CubaAP - Saturday, April 18 Related Full Coverage Obama's Presidency What change will Obama bring? Will it affect the rest of us globally? All Full Coverage Most Popular – Top Stories Viewed Mummies found in ancient Egypt burial chamber 'Dracula bandit' gets 20-yr jail sentence Police nab Norwegian pair during high-speed sex Ailing Citigroup returns to profit after heavy losses Britain's MI5 seeking real 'Q' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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