Cutting deficit important, says Obama

President Barack Obama says trimming US budget deficits is as important as creating jobs, his top domestic priority this year, to continue the economic recovery that appears under way.

The government reported Friday that the economy grew at an annual rate of 5.7 per cent in the final three months of 2009. It was the second consecutive quarter of growth and the fastest rate in more than six years.

Obama said in his weekly radio and internet address that this was "a sign of progress", adding: "But as we work to create jobs, it is critical that we rein in the budget deficits we've been accumulating for far too long."

He also outlined steps which he said would rein in spending. 

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