PRESIDENT Benigno Aquino III plans to abolish at least two government-owned or -controlled corporations to slash next years budget by more than P100 billion.

Republicans in the Senate are backing a plan to shave $20 billion from President Barack Obama's budget for the upcoming fiscal year. The cuts amount to about a 2 percent trim from the $1.13 trillion requested by Obama for agency budgets annually funded by... Barack Obama - United States Senate - President of the United States - Republican Party - President

The federal deficit has topped $1 trillion with three months still to go in the budget year, showing the lasting impact of the recession on the government's finances.

Republicans in the Senate are backing a plan to shave $20 billion from President Barack Obama's budget for the upcoming fiscal year.

Senate Republicans propose $20 billion cut from Obama's 2011 budget Republican - United States - Barack Obama - Politics - Government