Can Obama cut the deficit in half?

According to Reuters, an anonymous “administration official” said The deficit this administration inherited was $1.3 trillion or 9.2 percent of GDP. By 2013, the end of the president’s first term, the budget cuts the deficit to $533 billion or 3.0 percent of GDP.

I don’t think Obama will do that – he certainly hasn’t started out that way.  But I hope he’s serious.

The Reuters report goes on to say “Most of the savings will come from winding down the war in Iraq, increased (tax) revenue from those making more than $250,000 a year, and savings from making government work more efficiently and eliminating programs that do not work,” the official said.

Let’s see how many programs he eliminates.  He’s due to announce his budget later this week, and I’ll be watching to see which programs are actually cut and eliminated.  I’ll set the “over/under” at 3 – and I’ll take the under.

gk

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