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Addressing wasteful spending

U.S. President Barack Obama (center) speaks as (left to right) Rep. Peter Welch (D-Vt.), Sen. Claire McCaskill (D-Mo.), Sen. Carl Levin (D-Mich.), Sen. John McCain (R-Ariz.), and Rep. Edolphus Towns (D-N.Y.) look on during an announcement in the Eisenhower Executive Office Building on Wednesday in Washington, D.C. Obama announced his plan to reform the government contracting system to cut back on wasteful spending.Getty Images photo by Alex Wong