WASHINGTON, Feb 21 (Reuters) - President Barack Obama will use his first budget, due to be unveiled next week, to put the United States on track toward cutting its ballooning deficit in half by 2013, an administration official said on Saturday.
'The deficit this administration inherited was $1.3 trillion or 9.2 percent of GDP. By 2013, the end of the president's first term, the budget cuts the deficit to $533 billion or 3.0 percent of GDP,' said the official who spoke on condition of anonymity.
'Most of the savings will come from winding down the war in Iraq, increased revenue from those making more than $250,000 a year, and savings from making government work more efficiently and eliminating programs that do not work,' the official added.
(Reporting by Ross Colvin; Editing by Peter Cooney) Keywords: OBAMA/BUDGET (ross.colvin@reuters.com; Reuters Messaging: ross.colvin.reuters.com@reuters.net; +1 202-898-8392) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'The deficit this administration inherited was $1.3 trillion or 9.2 percent of GDP. By 2013, the end of the president's first term, the budget cuts the deficit to $533 billion or 3.0 percent of GDP,' said the official who spoke on condition of anonymity.
'Most of the savings will come from winding down the war in Iraq, increased revenue from those making more than $250,000 a year, and savings from making government work more efficiently and eliminating programs that do not work,' the official added.
(Reporting by Ross Colvin; Editing by Peter Cooney) Keywords: OBAMA/BUDGET (ross.colvin@reuters.com; Reuters Messaging: ross.colvin.reuters.com@reuters.net; +1 202-898-8392) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.