Obama pledges to cut deficit in half (AP)

President Barack Obama addresses the National Governors Association, regarding the economic stimulus package, Monday, Feb. 23, 2009, in the State Dining Room of the White House in Washington.  (AP Photo/Charles Dharapak)AP – President Barack Obama has vowed to cut the country’s budget deficit in half by the end of his first term. Obama laid out the guiding principle of his budget policy at a White House conference. He said he believes the time has come for “a frank conversation” about the problem and said the deficit, projected to total $1.3 trillion this year, must be brought under control.

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