WASHINGTON (AP) President Barack Obama has signed into law a bill aimed at tightening the controls on defense spending, saying it is "long overdue."

Standing with leading congressional players Friday morning on South Lawn of the White House, Obama said he was "extraordinarily proud" to sign the bill, which passed unanimously in both the House and Senate this week.

Obama noted one study which found that roughly $295 billion of taxpayers' money was wasted last year on cost overruns involving 95 defense programs.

He said wasteful defense spending "is unacceptable" at a time when the country is fighting two wars and trying to overcome a deep recession at home.

Copyright 2009 The Associated Press.