Obama: I Promise To Cut The Deficit In Half By 2013

The Business Insider ^ | 6-27-2010 | Henry Blodget

[blam]

Obama: I Promise To Cut The Deficit In Half By 2013

Henry Blodget
Jun. 27, 2010, 8:10 PM

According to the AP, President Obama just promised to cut the US deficit in half as a percentage of GDP by 2013.

That would certainly be a start. So can we get Congress to commit to that?

If so, we'd be a lot more supportive of additional near-term stimulus spending (which, otherwise, we think will just become long-term structural overspending).

Obama also said a lot of other stuff:

By DARLENE SUPERVILLE and TOM RAUM, Associated Press Writers

TORONTO (AP) — President Barack Obama on Sunday welcomed an international commitment for rich countries to slash their deficits in half by 2013, despite his earlier warnings against halting stimulus spending too abruptly.

"We can't all rush to the exits at the same time," Obama told a news conference at the conclusion of a summit of the 20 major industrial and developing economies.

Obama also issued a warning to North Korea, saying its alleged sinking of a South Korean warship was "belligerent behavior that is unacceptable" to the international community.

"It is absolutely critical for the international community to rally behind" South Korean President Lee Myung-bak, Obama said.

Obama spoke after G-20 leaders issued a statement calling for "advanced" nations to cut their budget deficits — as a proportion of gross domestic product growth — in half by 2013, and to put their annual deficits on either a lower or more stable basis by 2016.

[Rome2000]

They cant.

It means the amount they have budgeted is bogus, just like everything else about this gang of socialist crooks.

[piasa]

How’s that hope and change workin’ out for you?