What he didn't say is how the deficit will be cut. Discretionary spending? Well, after defense spending there isn't much there to cut, and to cut defense spending would mean renouncing either giant weapons projects or the excellent wars. Not likely. Tax increases? Don't make me laugh. And that leaves entitlements.
My prediction: Obama is going to go full Bush pretty soon, and the target is going to be social security. He's already succeeded in dividing 'the left' over war, rights, and torture, now he'll try to divide on the need to 'restructure' social security. In this day and age, the trillion dollars stashed away in the social security trust isn't all that much, but every little bit counts to get the deficit down as well as funnel to his bankster buddies.
And for the topper:
Also yesterday, Geithner said the U.S.’s $700 billion financial rescue package can’t be used to aid cities and states facing budget crises.
The law “does not appear to us to provide a viable way of responding to that challenge,” Geithner told a House Appropriations subcommittee in Washington. Among the hurdles: money from the Troubled Asset Relief Program was designed for financial companies, he said.
Too bad, states and cities, you unlucky duckies, no TARP money for you! Banksters get it all, despite Geithner's best efforts, ha, ha!