Obama Proposes Cutting $4 Trillion From Deficit in 12 Years

President Barack Obama yesterday vowed to cut $4 trillion in cumulative deficits within 12 years through a combination of spending cuts and tax increases, Bloomberg News reported yesterday. Obama set a target of reducing the annual U.S. deficit to 2.5 percent of gross domestic product by 2015, compared with 10.9 percent of GDP projected for this year. He reiterated his support for overhauling the tax code to lower rates while closing loopholes and ending some breaks to increase revenue. Over the next five years, the administration forecasts the government will pile up a cumulative deficit of $3.8 trillion; over the decade, the cumulative deficits would rise to $7.2 trillion. With yesterday's proposal, Obama is going beyond the fiscal 2012 budget he presented on Feb. 14, which forecast cutting the deficit by $1.1 trillion over a decade

http://www.bloomberg.com/news/print/2011-04-13/obama-is-said-to-target-4-trillion-deficit-reduction-in-12-years-or-less.html