Obama news conference on the economy
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President-elect Barack Obama will outline steps to trim the federal budget in a news conference this morning as he simultaneously plans a costly stimulus package to jolt the ailing U.S. economy.
Though he does not take office until Jan. 20, Obama's team of economic advisors is already working out the details of a two-year package to save or create 2.5 million jobs that could cost several hundred million dollars.
That spending, which is expected to push the budget deficit higher, will be offset at least partially by spending cuts elsewhere, Obama said.
"We'll have to scour our federal budget, line-by-line, and make meaningful cuts and sacrifices as well," he said at a news conference on Monday, and promised more detail at at a news conference today at 11 a.m. in Chicago.
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