Obama Plans To Slash National Deficit By 2013
To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.
Then come back here and refresh the page.
President Barack Obama is looking to cut the nation's deficit in half by the end of his first term.
An administration official tells the Associated Press the president is planning to lower the deficit to $533 billion by 2013.
The official says the savings would come from troop withdrawals in Iraq and tax hikes for people making $250,000 or more a year.
The president's budget plan includes a campaign promise to streamline the federal government, create universal healthcare and reduce the country's reliance on foreign oil.
Obama is expected to talk more about his proposal and the economic crisis when he addresses a joint session of Congress on Tuesday.
NY1 will carry the address live starting at 9 p.m.