WASHINGTON (CNN) – President Obama said Tuesday that his administration has identified $2 trillion in government spending cuts that can be made over the next decade.
Speaking in his first address to a joint session of Congress, Obama said the cuts were identified as his staff has gone "line by line" over the federal budget, with a goal of cutting the federal deficit in half by the end of his first term.
"In this budget, we will end education programs that don't work and end direct payments to large agribusinesses that don't need them," Obama said.
Watch: Obama lays out budget goals
"We'll eliminate the no-bid contracts that have wasted billions in Iraq, and reform our defense budget so that we're not paying for Cold War-era weapons systems we don't use."
He also said he will target waste, fraud and abuse in the Medicare system and "restore fairness and balance" to the tax code.