Obama vows cuts to contractor spending

Presidential candidate Barack Obama told a Wisconsin audience today that he will slash federal spending on contractors by 10 percent, the Associated Press reported.

The cuts are part of his plan to revive an economy battered by turmoil on Wall Street and the housing market.

Obama was speaking in Green Bay, Wis. He said the $700 billion bailout plan proposed by President Bush and Congress is forcing a new look at federal spending.

"The only way we can do all this without leaving our children with an even larger debt is if Washington starts taking responsibility for every dime that it spends," Obama said.