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Obama threatens veto on spending increases

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[January 28, 2010]  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.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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