President-elect Barack Obama is vowing to watch spending carefully even as he plans to push for a stimulus package of $500 billion or more.The article expounds on Obama's rhetoric that he's going to cut "wasteful spending" and hold back "special interests", but never provides an example. Cruising over to the NYT, they can't even justify their guy's politician-like distractions:
Mr. Obama cited, as an example of the sort of cuts he expects Mr. Orszag and Mr. Nabors to find, a recent government report showing that farmers whose incomes exceeded $2.5 million had probably wrongly been paid some $49 million in government subsidies over a three-year period.$49 million is no small chunk of change, but considering that Obama's entitlement obligations are wracking up well into the trillions, he's going to have to start slashing and burning government spending a little further.
But he did not offer any other specific targets, and by itself, correcting the problem with the farm program would make only a trivially small dent in the budget deficits the federal government will face for years.
The Obama T-shirts are still selling well amongst college students, perhaps the President-Elect's advisors can start selling this wardrobe for the coming hard times to generate a little revenue.