If you said a year ago that a Democratic President would talk about having a deficit of more than $500 billion in the last year of his term, I'd assume that the President would be on his to losing an election in Mondalian style.
Bloomberg: His budget will increase taxes on the wealthy and cut spending for the war in Iraq to lower the budget deficit to $533 billion, according to administration officials.
Obama is treated as a deficit hawk because he is going halve the deficit down to a mere half trillion dollars.
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