Obama: Cut the deficit by taxing the rich

[Rath]

ssj12 said:

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 ..

the deficit is about 76 tillion...

http://www.datelinezero.com/2011/03/31/economic-warning-signs-abound-in-u-s/

Public debt is actually about $14 trillion

http://treasurydirect.gov/govt/reports/pd/pd_debtposactrpt_1011.pdf

The link you give hasn't got a decent source.

 

The deficit isn't public debt in any case, a deficit is the revenue minus expenditure. It ignores previous debts (apart from the interest paid on them).