Obama: Cut the deficit by taxing the rich

[Rath]

Seece said:

In a speech in Washington DC he outlined a package of tax increases and spending cuts aimed at reducing the deficit by $4tn (£2.45tn) by 2023.

The deficit is forecast to reach $1.5 trillion (£921bn) this year and both Democrats and Republicans have said cutting it is a priority.

Is that 1.5 this year alone, or total? else I'm confused, unless they expect it to peak above 4 trillion ..

Good point. Perhaps they don't mean annual deficit but reduction of net public debt?