Obama signed a memo calling for reform in the government's procurement process, including reducing the number of no-bid contracts and increasing government oversight. The changes could save up to $40 billion a year, Obama said.
"We are cutting what we don't need to make room for what we do," Obama said.
The budget office will issue rules by the beginning of the next fiscal year on Oct. 1 to reform the bidding process for government contracts in every government department and agency.
In particular, Obama ordered Defense Secretary Robert Gates to work with Sens. John McCain and Carl Levin to root out wasteful military spending.
McCain and Levin stood by Obama's side as he announced the new rules.
"The days of giving defense contractors a blank check are over," Obama said. "No more excuses, no more delays.
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