Obama will cut the deficit in half in 4 years
Geithner also said that ending tax breaks for the rich, closing tax loopholes on income earned overseas, creating a bank tax and implementing President Obama’s spending freeze on discretionary programs will reduce the deficit even further.
“He [Obama] has outlined a very hard, ambitious set of proposals that will cut our deficit by more than half as a share of the economy in the next 4 years,” he said.
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