ECONOMIC POLICY AND FEDERAL BUDGET

President Obama spoke about the fiscal year 2013 federal budget in a keynote address at the annual Associated Press annual luncheon. In his remarks he criticized Republican presidential front runner Mitt Romney. He called the House Republican budget plan "radical" and "a Trojan Horse disguised as a deficit reduction plan." The Republican budget plan, approved by the House the previous week and embraced by Mr. Romney, cuts $5.3 trillion over the next decade through deeps cuts in spending and entitlements.