Obama will cut the deficit in half in 4 years

Treasury Secretary Timothy Geithner on Sunday said revenue generated by a moderate economic recovery and ending the stimulus bill will halve the deficit in 4 years.

"Those two actions, themselves, will cut our deficit in half as a share of the economy, bringing it down from 10 percent as a share of GDP to around 5 percent of GDP," he said on NBC's Meet the Press. He added, "This is something we can manage as a country."

Geithner also said that ending tax breaks for the rich, closing tax loopholes on income earned overseas, creating a bank tax and implementing President Obama's spending freeze on discretionary programs will reduce the deficit even further. 

"He [Obama] has outlined a very hard, ambitious set of proposals that will cut our deficit by more than half as a share of the economy in the next 4 years," he said.