President Obama's budget will seek to cut deficit in half

His plan would spend less in Iraq and on wasteful programs and end a tax cut for upper-income Americans. He expects it will help him to keep some costly election promises. > President Obama will offer a plan this week to cut the federal deficit in half by the end of his first term in office, largely by winding down the war in Iraq and raising taxes on people making more than $250,000 a year, an administration official said Saturday. (link)