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February 23rd, 2009
12:41 PM ET

Realistic to halve the deficit by 2013?

From CNN's Jack Cafferty:

President Obama is vowing to cut the budget deficit in half by the end of his first term.

Realistic to halve the deficit by 2013?

President Obama vowed to halve the deficit at the White House today.

The president says the deficit needs to be brought under control, adding that the country "cannot and will not sustain deficits like this without end."

The White House says it's inherited a $1.3 trillion dollar deficit, and that Mr. Obama's budget will bring the deficit to $533 billion by 2013. And the cow jumped over the moon.

Some private analysts estimate that this year's deficit could soar to more than $1.5 trillion when you take into account the cost of the recently-passed stimulus package.

Administration officials say they plan to cut the deficit by winding down the war in Iraq and by raising taxes on those who make more than $250,000 a year. The president also says he'd like to bring back a pay-as-you-go policy on federal spending programs, to get rid of programs that don't work and end tax breaks for companies that send jobs overseas.

Here's the problem - it's all well and good for President Obama to talk about reducing the deficit, but that money could end up being just a drop in the bucket compared to the trillions of taxpayer dollars we're spending on economic stimulus packages, bailing out the banks, auto companies, you name it.

Here’s my question to you: How realistic is it for President Obama to plan to halve the deficit by the end of his first term?


Filed under: US Economy
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