Obama promises to rein in US budget deficit

US President Barack Obama on Saturday promised to rein the burgeoning US budget deficit, saying it was now time for Americans of different political persuasions "to come together" to solve this problem.
"Because we've heard plenty of talk and a lot of yelling on TV about deficits, and it's now time to come together and make the painful choices we need to eliminate those deficits," Obama said in his weekly radio address.
The White House is forecasting a deficit for the full fiscal year of 2010 of some 1.5 trillion dollars, which would eclipse the record of 1.416 trillion in the fiscal year ended September 30.
John Palmer, dean emeritus of the Syracuse University Maxwell School, warned earlier this month that the future economic prosperity of the United States was "at grave risk" if the government did not change its fiscal course.
Obama said that it was time the US government stopped spending money it did not have.