Obama says budget paves way to renewed U.S. growth

WASHINGTON, April 29 (Reuters) - President Barack Obama said on Wednesday that the budget passed by Congress earlier in the day will help create a basis for renewed U.S. growth.

"We can't go back to an economy that's built on a pile of sand, on inflated home prices and maxed-out credit cards, on over-leveraged banks and outdated regulations, allowing recklessness of a few to threaten the prosperity of all," he told an evening news conference at the White House.

"We have to lay a new foundation for growth, a foundation that will strengthen our economy and help us compete in the 21st century and that's exactly what this budget begins to do," he added.

(Reporting by Glenn Somerville)

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