If the president announces that he intends to return the deficit to 2007 levels, that will be worth announcing. In 2007 the deficit was $161 billion, or about 1.2% of GDP.
President Obama and the Democrats in Congress have increased the deficit from $161 billion to $1.75 trillion in two years! The “cut” is to $1.17 trillion in 2010. The panic of 2008-2009 required one-time expenditures to arrest the fear, but the Democrats used the crisis as an excuse to print billions and billions of dollars. And they refuse to stop.
It will require a revolution in voting and the make-up of Congress to put this country on a path to solvency. Massive cuts in federal spending are required, or massive tax hikes. Democrats will pursue the latter and cripple the economy in the process. Republicans will demand the former. The choice is clear.