President Barack Obama Friday promised careful oversight of a $787 billion stimulus package he signed into law this week and said he would call to task any instances of government waste.

"If a federal agency proposes a project that will waste that money, I will not hesitate to call them out on it, and put a stop to it," Obama said in excerpts from a speech to be delivered to the nation’s mayors.

"If a local government does the same — I will call them out on it as well, and use the full power of my office and our administration to stop it," Obama said, adding he would name a team of managers to make sure the money is spent wisely.
(Reuters)