Oil, banking sector lobbyists working against my budget: Obama

WASHINGTON: US President Barack Obama has apprehended that passing of his annual budget in the Congress "won't be easy" as 'interests groups' from insurance, banking and oil sectors may try to scuttle its smooth passage, as his pro-people provisions affect their business.

Obama asked the Congress to pass his budget. The new US President is trying to fight the raging unemployment plaguing the recession hit American economy.

"I realise that passing this budget won't be easy," Obama said in his weekly radio address. This is because, Obama said it not only represents "real and dramatic change" but also represents a "threat to the status quo" in Washington.

"I know that the insurance industry won't like the idea that they'll have to bid competitively to continue offering Medicare coverage, but that's how we'll help preserve and protect Medicare and lower health care costs for American families," Obama said, referring to the specific provisions of his budget that was sent to the US Congress Thursday.

"I know that banks and big student lenders won't like the idea that we're ending their huge taxpayer subsidies, but that's how we'll save taxpayers nearly $ 50 billion and make college more affordable," he said.

"I know that oil and gas companies won't like us ending nearly $ 30 billion in tax breaks, but that's how we'll help fund a renewable energy economy that will create new jobs and new industries," Obama said.