ClickAJob News

Barack Obama has unveiled his blueprint for a $3.6 trillion (£2.5 trillion) budget for the United States in 2010.

The president told reporters that his plans contained 'good news and bad news'.

"We have already identified $2 trillion (£1.4 trillion) in deficit reductions that will help us cut our deficit in half by the end of my first term," he said.

"We've targeted almost $50 billion (£34.9 billion) in savings by cracking down on overpayments of benefits and tax loopholes."

But Mr Obama went on to say: "We've inherited a $3 trillion (£2.1 trillion) deficit that will take a long time for us to close.

"While we must add to our deficits in the short term to provide immediate relief to families and get our economy moving, it is only by restoring fiscal discipline over the long run that we can produce sustained growth and shared prosperity."

The president, who is due to release more detailed plans in April, added: "In the end, a budget is more than simply numbers on a page. It is a measure of how well we are living up to our obligations to ourselves and one another. It is a test for our commitment to making America what it was always meant to be - a place where all things are possible for all people."