Ahead on Obama administration’s release of budget details

Reuters beat Bloomberg by 53 minutes and Dow Jones by 81 minutes on May 6 with the biggest news to emerge from the Obama administration’s release of a detailed budget for the next year — that the US president was proposing to trim $17 billion in fiscal year 2010 from the massive budget. It was one of the day’s biggest stories, impacting Asian markets, as investors digested the fact that Obama was still projecting a huge deficit for next year.