Obama's Remarks on the Deficit

Obama threatens veto on spending increases

(White House photo)

WASHINGTON (AP) - President Barack Obama says he will veto bills
that don't freeze non-national security spending.

Obama on Wednesday told a joint session of Congress that he wants a three-year stop for additional spending. Obama says Medicare, Medicaid and Social Security would be exempt under the plan, which would begin next year.

Obama says his administration already has found $20 billion in savings next year. Even so, Obama says it's not enough.

He wants a commission to identify how to control skyrocketing spending. Obama says unless spending is controlled, financial markets and the nation's recovery will be threatened.

The Senate recently blocked that proposal.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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