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Obama threatens veto on spending increases

world Updated: Jan 28, 2010 08:23 IST

President Barack Obama says he will veto bills that don't freeze non-national security spending. Obama on Wednesday told a joint session of Congress that he wants a three-year stop for additional spending. Obama says Medicare, Medicaid and Social Security would be exempt under the plan, which would begin next year.

Obama says his administration already has found $20 billion in savings next year. Even so, Obama says it's not enough. He wants a commission to identify how to control skyrocketing spending. Obama says unless spending is controlled, financial markets and the nation's recovery will be threatened. The Senate recently blocked that proposal.