Obama says he may rein in spending plans

Nation's tax revenues could affect health care, education, energy initiatives
The Associated Press
updated 8:13 a.m. MT, Tues., Sept. 23, 2008

WASHINGTON - Democrat Barack Obama said Tuesday the deepening American financial crisis and prospect of a massive government bailout meant he likely would have to delay expansive spending programs outlined during his campaign for the White House.

In an interview with NBC television, Obama said he would have to study what happens to the United States' tax revenues before making decisions on budgeting for his promised initiatives on national health care, education, energy and other concerns.

As the Bush administration and Congress negotiated details of a $700 billion financial rescue plan, Obama said the problem should be dealt with as a short-term crisis with bipartisan action and then as a long-term structural issue.

"Although we are potentially providing $700 billion in available money to the Treasury, we don't anticipate that all that money gets spent right away and we don't anticipate that all that money is lost. How we're going to structure that in budget terms still has to be decided," Obama told NBC's "Today" show in an interview aired Tuesday.

"Does that mean I can do everything that I've called for in this campaign right away? Probably not," he said. "I think we're going to have to phase it in."

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