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Politics : American Presidential Politics and foreign affairs
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From: DuckTapeSunroof2/23/2009 4:52:13 PM
  Read Replies (2) of 71588
 
Obama spearheaded the effort to approve billions of dollars in stimulus spending, but apparently cares about the deficit too.

After inheriting a $1.3T deficit from the previous administration, equal to 9.2% of GDP, Obama is expected to promise to cut the deficit in half (to $533B) by the end of his first term.

Measures to bring the deficit under control include letting Bush's tax cuts for the wealthy lapse, taxing hedge fund profits at ordinary rates and cutting spending for the war in Iraq. Obama will hold his first 'fiscal-responsibility summit' later today.

Obama’s Budget Balances Deficit Reduction and Stimulus Spending

By Hans Nichols
bloomberg.com

Feb. 23 (Bloomberg) -- President Barack Obama’s first budget is accompanied by a promise to cut the deficit in half by the end of his first term even as billions in spending are added to stimulate the U.S. economy.

Obama this week will outline how he will carry out the programs that were central to his campaign, including overhauling the health-care system and energy policy. His budget will increase taxes on the wealthy and cut spending for the war in Iraq to lower the budget deficit to $533 billion, according to administration officials.

Today the Democratic president will hold a so-called fiscal-responsibility summit at the White House, with about 130 people invited, including about 50 members of the House and Senate from both parties and the Republican presidential candidate he defeated in November, Arizona Senator John McCain....
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