Obama seeks $467bn in cuts to offset jobs plan: White House

US President Barack Obama will propose USD 467 billion in budget cuts to offset the cost of job-creation package, White House Budget Director Jack Lew said on Monday.

"In order to invest in jobs and growth, we're going to have to pay for it," Lew told reporters as Obama prepared to submit his USD 447 billion jobs program to Congress on Monday. He said the extra USD 20 billion in cuts were intended to "build in a cushion" to make sure the plan is paid for without adding to deficits, as Obama has promised.