Obama seeks agency spending cut by $100M

President Obama convenes his first formal Cabinet meeting Monday and asked department and agency chiefs to find way to cut $100 million out of the federal budget over the next 90 days, a senior administration official said.

The Cabinet meeting is being held just days after a series of Tea Party demonstration across the country to protest massive spending the administration has embarked upon.

The federal deficit for March alone was $192.3 billion. President Obama has brought forward a $3.6 trillion budget for the 2010 fiscal year, beginning from October 1. That proposal would produce $9.3 trillion in deficits over the next decade.

As for the government and agency cutting, the Veterans Affairs Department has canceled or delayed 26 conferences which may save nearly $17.8 million. The Agriculture Department is working to combine 1,500 employees from seven office locations into a single facility in 2011, saving $62 million over a 15-year lease term. And the Homeland Security Department has estimated it can save up to $52 million over five years by purchasing office supplies in bulk.

Later in the day, the president will visit CIA headquarters in Langley, Va. The White House says the president will be holding private meetings with CIA employees and delivering a public message on the agency's importance to national security.