This guy sure knows how to keep a blogger busy. Matt Y. has a good summary:
- Obama wants the 2013 deficit to be half the size of the 2009 deficit he inherited.
- The 2010 deficit is going to be large.
- Specifically, we’ll go from $1.2 trillion in 2009 to $1.5 trillion in 2010 to $533 billion in 2013.
- Spending cuts are expected to come from the expiration of
stimulus money, from a reduction in “emergency” appropriations for Iraq
and Afghanistan, from reductions in Medicare Advantage giveaways to
private insurance firms, and I believe from some other form of medical
- Revenue enhancements are projected to come from the
expiration of the Bush tax cuts, from ending the hedge fund manager’s
loophole, and from carbon auction permits.
- Overall, the idea is to get back down to a deficit of about 3
percent of GDP, but to have a better health care system when we do it.