Obama Demands Savings

Obama is breaking some big news to his Cabinet: They’re responsible for collectively reducing spending by $100 million over the next 90 days. According to his weekly address, Obama will scour the federal budget “line by line” to find places where the government can save, and so far, it seems everyone's willing to step up to the plate: Defense Secretary Robert Gates will reform contracting procedures to eliminate “hundreds of billions” in wasteful spending, Agriculture is going to combine employees into one facility that would reduce spending by $62 million, and Homeland Security is going to order office supplies in bulk, saving a shocking $52 million. Lawrence Summers said this weekend that the administration is going to practice what it preaches. "We're going to need a less leveraged economy. Individuals are going to have to save more." He added that the government is going to be "a contributor of savings to the economy, rather than a drain."