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President Barack Obama acknowledges the crowd during a town hall meeting Wednesday in Racine, Wis. (AP Photo/M. Spencer Green)

Obama takes on election-year fears over big debt

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RACINE, Wis. -- Sensitive to election-year resentment over big government, President Barack Obama declared Wednesday he intends to get "our debt and our deficits under control." With fears alive of a double-dip recession, Obama warned that he won't slash spending at the expense of the economic rebound.

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