Obama pledges to slash deficit — after increase (AP)

President Barack Obama pause as he speaks at the close of the Fiscal Responsibility Summit, Monday, Feb. 23, 2009, in the Old Executive Office Building at the White House in Washington. (AP Photo/Pablo Martinez Monsivais)AP – Urging strict future restraint even as current spending soars, President Barack Obama pledged on Monday to dramatically slash the skyrocketing annual budget deficit as he started to dole out the record $787 billion economic stimulus package he signed last week.

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