Obama Announces Savings Goal

Barack Obama followed up yesterday’s press conference about economic stimulus with an event today focused on savings. "In these challenging times, when we're facing both rising deficits and a shrinking economy, budget reform is not an option. It's a necessity," Obama said. "We can't sustain a system that bleeds billions of taxpayer dollars on programs that have outlived their usefulness." He largely shied away from providing specifics, but mentioned reforming farm subsidies as an example of how the government might cut waste. He also introduced Peter Orszag, current director of the Congressional Budget Office, as his director of the White House budget office.