Obama will cut the deficit in half in 4 years

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.