The federal budget deficit is running at a pace that is more than double last year's imbalance through the first four months of the budget year, Tuesday, Feb. 12, 2008. (CBS/AP)
President Barack Obama wants to cut the federal deficit in half by the end of his first term.
He would try to achieve that mostly by scaling back Iraq war spending, raising taxes on the wealthiest Americans and making government run more efficiently.
That's according to an administration official who spoke on condition of anonymity because Obama hasn't announced the plan.
The official says Obama's request for the budget year that begins Oct. 1 puts the country on track to cut the deficit in half over the next four years. Obama inherited a $1.3 trillion deficit from George W. Bush when he was sworn in last month.
The Democrat's budget proposal to be sent to Congress next week cuts the deficit to $533 billion.
(Copyright 2009 by The Associated Press. All Rights Reserved.)