Obama vows deep cuts in spending

GREEN BAY, Wis. (AP) -- Democratic presidential nominee Barack Obama vowed to slash federal spending on contractors by 10 percent in an effort to restore an economy that's been roiled by turmoil on Wall Street and in the housing market.

That conservative theme was part of Obama's speech Monday in Green Bay, Wis. He said the $700 billion bailout plan the Bush administration and congressional leaders are pushing is forcing everyone to look anew at federal spending.

"The only way we can do all this without leaving our children with an even larger debt is if Washington starts taking responsibility for every dime that it spends," Obama, in remarks prepared for delivery.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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