We will rein in budgetary deficit, says Obama

 “There are certain core principles our families and businesses follow when they sit down to do their own budgets ... They don’t spend what they don’t have, and they make do with what they’ve got,” he said in his weekly address to the nation. “It’s now time to come together and make the painful choices we need to eliminate those deficits,” he said.

The US has forecast a record deficit of $1.5 trillion for the full fiscal year of 2010. He said that he was pleased that the Senate had just restored the pay-as-you-go law that was in place in the 1990s and helped the US government end that decade with a $236-billion surplus.