Saturday, February 21, 2009

Obama pledges to cut deficit in half by 2013

Despite the large sums needed for bailouts, President Barack Obama still plans to slash the budget deficit in half by 2013.

Obama plans to cut military spending by withdrawing troops from Iraq, and to raise money by increasing taxes on the wealthy.

During the campaign, Obama promised to roll back the tax cuts made by George W. Bush.

On Monday, Obama will convene a fiscal summit with experts to formulate a strategy to address the trillion dollar deficit.

However, the president will not cut back in all areas and still intends to make changes that he pledged during the campaign.

“The president believes there are essentially three areas that have to move forward even as we pare back elsewhere — health care, energy and education,” said senior Obama adviser David Axelrod. “These are the bulwark of a strong economy moving forward.”

During his weekly address, President Obama outlined what the stimulus package and his home foreclosure plan can do to help turn around the nation's economy. President Obama plans to address a joint session of Congress Tuesday night.


Obama Pledges to Seek Deficit Cuts
New York Times, United States - 10 hours ago
By SHERYL GAY STOLBERG WASHINGTON — President Obama pledged on Saturday to look for ways to “cut the trillion-dollar deficit we inherited,” and said he was ...
Obama to Unveil an Ambitious Budget Plan Washington Post
Obama wants to cut US deficit in half by 2013 Reuters
Obama urges control of 'exploding' deficits AFP

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