Clinton, Obama Ignore Budget Crisis, Promise Billions

HOUSTON — Hillary Clinton and Barack Obama champion fiscal responsibility on the campaign trail, but both Democratic presidential hopefuls are promising massive new spending without providing details on how they'd pay for it. (snip) The federal budget deficit is projected to exceed $400 billion next year. (snip) Clinton has proposed new spending in excess of $200 billion, much of it annual. Obama has surpassed her, promising annual spending of at least $210 billion.(snip) Both are counting on savings from reducing the U.S. presence in Iraq and rolling back some of President Bush's tax cuts.(snip)