February 24th, 2009
10:01 PM ET
14 years ago

$2 trillion in budget cuts identified, Obama says

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/02/24/art.getty.obama.address.b.p.jpg caption="President Obama said Tuesday that his administration has identified $2 trillion in government spending cuts that can be made over the next decade."]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.

Filed under: Obama address
soundoff (42 Responses)
  1. Farrell, Houston, Tx


    February 24, 2009 10:50 pm at 10:50 pm |
  2. sherryscoobydoo

    this sounds good but one question, how are they going to know if the line item works or not?

    February 24, 2009 11:03 pm at 11:03 pm |
  3. Linda from Minnesota

    My president, I mean, OUR president inspires me and I haven't been inspired since JFK. Makes me want to go out and work in my community. I am so proud to have a president who is the People's President.

    February 24, 2009 11:05 pm at 11:05 pm |
  4. sherryscoobydoo

    now balance to the tax code. let me think,

    i know someone has read it and understood it but it wasnt me.

    i read some and had no clue. so how are they going to do balance?
    and as far as fair i havent seen that yet.

    just look at the audit's and the immediate action to freeze everything you own and dont own.

    February 24, 2009 11:06 pm at 11:06 pm |
  5. Kurt Wilhelm

    I'll believe it when I see it.

    February 24, 2009 11:13 pm at 11:13 pm |
  6. CAW in MD

    That's great, but over 10 years (which is the scope he said that he could find $2T), we will have budgets on the order of $35T. So what he really said was that he found a way to save about 6% of the budget. Granted, that's a good start, but that will hardly cut into those $1T deficits as far as the eye can see. Hopefully he will find much more.

    February 24, 2009 11:17 pm at 11:17 pm |
  7. Darren D.

    Thank you, President Obama I'm 50 yr's old, but I care for my 4 grand,(6, 5, (2)4).

    February 24, 2009 11:23 pm at 11:23 pm |
  8. bankrupt

    We'll see if the Repugs can be non-hypocritical in one instance, and follow their principles by supporting the spending cuts proposed by Obama

    February 24, 2009 11:26 pm at 11:26 pm |
  9. Henry Miller, Cary, NC

    Let's see... $2 billion over 10 years. That's $1 billion over five years. So Obama blows in one month a wad that it'll take half a decade to save.

    Good old Washington economics...

    February 24, 2009 11:35 pm at 11:35 pm |


    WHY,,,,,,,,,,,DIDN'T,,,,,,,,,,YOU,,,,,,,,,,,,CUT,,,,,,,,,THAT,,,,,,,,,,,BEFORE ? ? ?

    February 24, 2009 11:36 pm at 11:36 pm |
  11. Kathy

    This is ridiculus!!! He is in over his head... Ears too. We are screwed!!!

    February 24, 2009 11:42 pm at 11:42 pm |
  12. Indy

    That's terrific!

    Except that since he doesn't have a line-item veto, it means absolutely nothing!

    February 25, 2009 12:34 am at 12:34 am |
  13. Irishny

    Thtas more like it!
    Cutting the size of governemnt rather than expanding it.
    Maybe theres hope for Obama after all!

    February 25, 2009 12:58 am at 12:58 am |
  14. J.P.

    Christ-on-a-crutch, will you look at that photo, for Pete's Sake? It looks like "the nattering nabobs of nit-wit-ism."

    You want to restore "fairness" to the tax code? Fine, make it an even 12% for ALLLLL Americans regardless of their income and success. Dr. Martin Luther King said, "I have a dream that one day this nation will rise up and live out the true meaning of its creed: 'We hold these truths to be self-evident: that all men are created equal.'"

    If we're all equal, why are some forced at gunpoint to hand over MORE of what they have earned than the next person, while others contribute nothing at all?

    "There can be no liberty unless there is economic liberty."
    -Margaret Thatcher

    February 25, 2009 01:03 am at 1:03 am |
  15. Mike in VA

    Cuts in Defense.

    February 25, 2009 01:40 am at 1:40 am |
  16. Say What??

    Obama just finish pushing through with interest over a trillion dollars of spending, which 80% of the people you talk to agree it had alot of pork and alot of UNNECCESARY spending in it.
    Now he wants to cut out waste and unnecessary spending, and go through the budget line by line.
    Why didn't he go through the so called stimulous pkg. line by line, he should have started the spending cutting with that.
    To spend 2 trillion between the bail out and the stimulous just to cut back 2 trillion is like taking 2 steps forward two steps back, where does it take you? NO WHERE!

    February 25, 2009 01:54 am at 1:54 am |
  17. Jason

    A month into office and he finds 2 trillion dollars to cut...I think this just illustrates how pathetic the Bush administration really was.

    February 25, 2009 02:18 am at 2:18 am |
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