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Obama promises eliminating wasteful spending

world Updated: Feb 25, 2009 12:11 IST

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US President Barack Obama on Wednesday promised to eliminate wasteful expenditure which adds burden on the American economy.

Addressing the joint session of the US Congress, Obama said his administration has begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs.

While this process will take some time, Obama he has already identified two trillion dollars in savings over the next decade.

"In this budget, we will end education programs that don't work and end direct payments to large agribusinesses that don’t need them. We'll eliminate the no-bid contracts that have wasted billions in Iraq, and reform our defence budget so that we're not paying for Cold War-era weapons systems we don't use," Obama said.

"We will root out the waste, fraud, and abuse in our Medicare program that doesn't make our seniors any healthier, and we will restore a sense of fairness and balance to our tax code by finally ending the tax breaks for corporations that ship our jobs overseas," Obama said.