Obama seeks $467 billion in cuts to offset jobs plan-W.House

WASHINGTON, Sept 12 Mon Sep 12, 2011 5:41pm BST

WASHINGTON, Sept 12 (Reuters) - U.S. President Barack Obama will propose $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 $447 billion jobs program to Congress on Monday. He said the extra $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. (Reporting by Steve Holland and Matt Spetalnick)