By Matt Spetalnick
WASHINGTON, March 21 (Reuters) - President Barack Obama vowed on Saturday to stick to the big-ticket items in his budget proposal but acknowledged that dollar amounts would 'undoubtedly change' as Congress prepared to take up his record spending plan.
Obama also stepped up his defense of his Treasury Secretary Timothy Geithner, who has been under fire for failing to block millions of dollars in bonuses to employees of American International Group, which received billions in government aid.
Obama told CBS network's '60 Minutes' program, in an interview to be broadcast on Sunday, that neither he nor Geithner had discussed the possibility of the Treasury secretary's resignation.
But Obama, who has repeatedly defended Geithner's handling of the AIG bonus scandal this week, said that if Geithner tried to resign, he would tell him: 'Sorry buddy, you've still got the job.'
Trying to refocus attention from the AIG bonus scandal that has drawn public outrage, Obama in his weekly radio address defended his $3.55 trillion budget for fiscal 2010, a linchpin of his efforts to rescue the ailing economy from the worst crisis in decades.
'It's an economic blueprint for our future, a vision of America where growth is not based on real estate bubbles or over-leveraged banks, but on a firm foundation of investments in energy, education and health care that will lead to a real and lasting prosperity,' Obama said.
The budget committees of the Senate and House of Representatives were set to begin crafting their budget legislation next week.
COSTLY BUDGET
Republicans and even some of Obama's fellow Democrats who control Congress have complained that his budget, the first of his presidency, is too costly. It projects deficits of $1.75 trillion this fiscal year and $1.17 trillion next fiscal year.
Congressional budget experts on Friday offered a darker economic and budget outlook, projecting a $1.8 trillion deficit this year which could complicate Obama's efforts to win passage of his 2010 budget.
Taking on his critics, Obama said: 'These investments are not a wish list of priorities that I picked out of thin air.
'They are a central part of a comprehensive strategy to grow this economy by attacking the very problems that have dragged it down for too long: the high cost of health care and our dependence on foreign oil, our education deficit and our fiscal deficit.'
Reminding listeners that he had inherited a 'fiscal mess' from his Republican predecessor, George W. Bush, Obama -- who took office on Jan. 20 -- reiterated his pledge to cut the federal deficit in half by the end of his term.
But he acknowledged room for compromise on a final budget deal. 'As the House and the Senate take up this budget next week, the specific details and dollar amounts in this budget will undoubtedly change,' Obama said. 'That's a normal and healthy part of the process.
He urged lawmakers to act with a sense of urgency, saying 'the challenges we face are too large to ignore.'
(Additional reporting by Ross Colvin, editing by Vicki Allen)
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((For more about the U.S. political scene please visit Reuters 'Front Row Washington' online at http://blogs.reuters.com//frontrow/)) Keywords: OBAMA/BUDGET (Reuters Messaging: matt.spetalnick.reuters.com@reuters.net; +1 202 898 8300, fax +1 202 898 8383) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
WASHINGTON, March 21 (Reuters) - President Barack Obama vowed on Saturday to stick to the big-ticket items in his budget proposal but acknowledged that dollar amounts would 'undoubtedly change' as Congress prepared to take up his record spending plan.
Obama also stepped up his defense of his Treasury Secretary Timothy Geithner, who has been under fire for failing to block millions of dollars in bonuses to employees of American International Group, which received billions in government aid.
Obama told CBS network's '60 Minutes' program, in an interview to be broadcast on Sunday, that neither he nor Geithner had discussed the possibility of the Treasury secretary's resignation.
But Obama, who has repeatedly defended Geithner's handling of the AIG bonus scandal this week, said that if Geithner tried to resign, he would tell him: 'Sorry buddy, you've still got the job.'
Trying to refocus attention from the AIG bonus scandal that has drawn public outrage, Obama in his weekly radio address defended his $3.55 trillion budget for fiscal 2010, a linchpin of his efforts to rescue the ailing economy from the worst crisis in decades.
'It's an economic blueprint for our future, a vision of America where growth is not based on real estate bubbles or over-leveraged banks, but on a firm foundation of investments in energy, education and health care that will lead to a real and lasting prosperity,' Obama said.
The budget committees of the Senate and House of Representatives were set to begin crafting their budget legislation next week.
COSTLY BUDGET
Republicans and even some of Obama's fellow Democrats who control Congress have complained that his budget, the first of his presidency, is too costly. It projects deficits of $1.75 trillion this fiscal year and $1.17 trillion next fiscal year.
Congressional budget experts on Friday offered a darker economic and budget outlook, projecting a $1.8 trillion deficit this year which could complicate Obama's efforts to win passage of his 2010 budget.
Taking on his critics, Obama said: 'These investments are not a wish list of priorities that I picked out of thin air.
'They are a central part of a comprehensive strategy to grow this economy by attacking the very problems that have dragged it down for too long: the high cost of health care and our dependence on foreign oil, our education deficit and our fiscal deficit.'
Reminding listeners that he had inherited a 'fiscal mess' from his Republican predecessor, George W. Bush, Obama -- who took office on Jan. 20 -- reiterated his pledge to cut the federal deficit in half by the end of his term.
But he acknowledged room for compromise on a final budget deal. 'As the House and the Senate take up this budget next week, the specific details and dollar amounts in this budget will undoubtedly change,' Obama said. 'That's a normal and healthy part of the process.
He urged lawmakers to act with a sense of urgency, saying 'the challenges we face are too large to ignore.'
(Additional reporting by Ross Colvin, editing by Vicki Allen)
((For full U.S. political coverage double click on ))
((For more about the U.S. political scene please visit Reuters 'Front Row Washington' online at http://blogs.reuters.com//frontrow/)) Keywords: OBAMA/BUDGET (Reuters Messaging: matt.spetalnick.reuters.com@reuters.net; +1 202 898 8300, fax +1 202 898 8383) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.