When President Obama indicated that he intends to reduce "the deficit left to him" to ~$500B by 2013 (one year after the next Presidential election). Does he mean that: 1) the overall deficit will be ~$500B OR 2) the overall deficit will have been reduced by ~$500B.
I'm in a quandary, because:
Deficit left to the Obama administration = $1.3T
Obama Administration adds to the deficit = ~$1.7T
Promised deficit reduction = ~0.5T
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Deficit in 2013 = ~$2.5T
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Delta = ~$1.2T.
AND if the overall deficit is truly going to reduced to ~0.5T then where does the ~2.5T of revenue (above and beyond the federal government "costs") come from? President Obama indicated that they have already found ~$2-3T of cost savings. That would be great - however sounds kind of inconceivable.
I learned the new math - but this seems to be a NEW, new math.
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