He plans to subject the federal budget to rigorous scrutiny, vowing to scour the budget for inefficiencies while using common sense criteria for what should be preserved or discarded.

He said that as soon as economic recovery is well under way, the government must devise a long-term plan to reduce the structural deficit to ensure it is not leaving 'a mountain of debt' for the next generation. His administration would also honour public commitments made by the Bush administration to address the crisis.

He did not directly say if he would let the Bush tax cuts expire at the end of 2010 or if he would use legislation to repeal them before then. But he wants to 'restore balance' to the tax code.