President Obama Seeks to Cut Deficit by 2013

Author: Staff | Date: February 22nd 2009 | Views: 36

President Barack Obama

Well it looks as though President Obama is working hard to keep his word to finally bring much needed change to this country with his goal to cut America’s growing deficit in half by 2013. The president plans to cut spending on the Iraq war, eliminate wasteful public programs and raise taxes on the wealthy.

“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,” an administration official said on Saturday.

“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.

The outline of the Obama administration’s first budget is set to be revealed on Thursday for the 2010 fiscal year. This budget is said to show huge increases in spending on public works that were part of the $787 billion stimulus bill that the president signed this week. Obama has also demanded the U.S. Treasury to implement tax cuts for 95 percent of Americans in hopes of bringing America out of the economic downward spiral.

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