CNN 2009-02-23

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Hello to you, I'm Creshon Saunders at the CNN.com newsroom in Atlanta. Here is a look at what's happening NOW IN THE NEWS.

President Obama is unveiling his budget this week. The President wants to cut the federal deficit¹ by half over the next four years. To do this, though, he plans to raise taxes on businesses and also on people, making more than 250,000 dollars a year. He also plans to reduce spending on the wars in Iraq and Afghanistan.

Meantime, a gas explosion inside a large coal mine in northern China has killed at least 74 people. Dozens are trapped underground and the death toll² is expected to rise. State-run media says the mine has not reported any major accidents in the past five years.

To Australia now it is a national day of mourning to honor and remember more than 200 people who died in huge wild fires earlier this month, you may remember that. At a ceremony in Melbourne, Prime Minister Kevin Rudd promised to rebuild the cities and towns that were devastated³.

Secretary of State Hillary Clinton is headed back home after wrapping up her first overseas trip as the top US diplomat⁴. She attended church services in Beijing this morning. Clinton talked with Chinese leaders over the weekend to urge them to continue to invest in the US to help end the global financial crisis.

All right, tonight Hollywood will hand out the Oscars to the industry's best. But last night, the awards went to the worst of the worst at the annual Razzies, and it was Paris Hilton, believe it or not, and Mike Myers taking bottom honors with three awards each, Paris for her performance in the "The Hottie & the Nottie", Myers for his role in "The Love Guru".

Those are the headlines this hour, for more on these stories and other news of the day, CNN is your source online, on TV, even when you are on the go.