Obama Vows to Slash Federal Deficit.

Despite the huge sums the federal government is spending to aid banks and stimulate the economy, President Obama said on Monday that his administration will slash the federal budget deficit, in part by ending the ''casual dishonesty'' that has accompanied Washington budgets of late. The president said that the bank-rescue plan and the broader economic stimulus program are necessary not merely to jolt the economy but because the country has ''long-term challenges -- health care, energy, education and others -- that we can no longer afford to ignore.'' [ABSTRACT FROM PUBLISHER]