President Obama on Wednesday announced that he will cut $200 million in spending in his next fiscal year.
The cuts are part of a broader plan to trim spending by $300 billion over the next decade, as part of the president’s strategy to stabilize the nation’s finances amid a financial crisis.
The White House has been pushing for the cuts, which come as the country faces a $4 trillion deficit.
They would have saved $200 billion over a decade, according to a budget estimate.
The cuts, if enacted, would be the largest since the Great Depression, when President Franklin Roosevelt reduced the federal workforce by 1.2 million.
The White House estimates that the cuts would have cost $1.8 trillion in lost revenue and an additional $400 billion in federal spending.
The cuts would be in addition to the $200-million savings that have already been made by cutting spending and reducing entitlements, the budget office said.
“This is about saving jobs, saving jobs,” Obama said in a statement.
“These are real-life examples of what we can do when we are serious about saving our country.
I will be delivering on that promise and cutting taxes for hard-working Americans.”
In addition to cutting spending, the president will also reduce unemployment benefits and give states $4.5 billion to help businesses hire workers.
The plan is expected to cost $400 to $500 billion over 10 years.
Obama will also propose cuts to some federal programs, including the Supplemental Nutrition Assistance Program (SNAP) and food stamps.
He also said that he would create more than 700,000 jobs through infrastructure spending.
In an attempt to win back support, the White House also will unveil a plan to invest in the nation�s coal mines, reduce funding for the Department of Housing and Urban Development and cut back on federal support for state-funded health care.
Many of the proposed changes are aimed at helping to ease the economic impact of the financial crisis and the economic crisis of 2008.
The president�s budget is a first step in the administration�s effort to reduce the size of the federal budget as it tries to stem a spiraling debt burden and a national debt that has ballooned to more than $19 trillion.
The budget is set to be unveiled at a White House news conference Wednesday afternoon.
While the plan will not eliminate all federal jobs, it will help reduce the burden of a shrinking workforce.
The president has been trying to reduce spending on health care and education, which have ballooned as a result of the economic collapse.
He has proposed cuts to the Medicare program, which pays for about half of federal health care spending, and the Department on Aging, which provides retirement and disability insurance.
On the environment front, the plan also includes a plan by the Environmental Protection Agency to cut greenhouse gas emissions by 5% by 2025.
That is part of efforts to cut the nation���s carbon emissions by 40% from 2005 levels by 2025, the Environmental Working Group said.
Obama has also said he wants to cut regulations and allow states to use a more aggressive approach to environmental protection and pollution prevention.
He has also proposed a $20 billion investment in the National Endowment for the Arts, which is responsible for preserving the arts, museums and libraries.
President Bush used the budget as an opportunity to announce $2.3 trillion in tax cuts that he said would help the middle class.
The Bush administration has been fighting a number of attempts to cut spending and raise taxes, but it has largely failed to meet the goal of a $2 trillion deficit over the coming decade.