President Barack Obama’s latest effort to “change” the United States of America aims at slashing the federal budget deficit by half.

Obama aims to cut federal deficit in half

The new plans to achieve this will be unveiled this week. On Monday the President will hold a “fiscal responsibility summit” and on Tuesday he will hold his first address to Congress. And the budget for 2010 will be unveiled on Thursday.

The aim to cut the federal budget is to be achieved through a combination of tax increases on those that earn over $250,000 as well as spending cuts. More savings are hoped for by the reduction of troops in Iraq, which some analysts estimate to be around $90 billion per year.

The budget plan which will be laid out on Thursday will give an idea on how Obama will achieve such fiscal discipline after signing into law a $787 billion economic recovery plan last week.

Image by matthias-winkelmann under Creative Commons.