His first budget, released on Thursday, will show the deficit falling to $533bn (€415bn, £369bn) by fiscal year 2013, compared with an inherited deficit aides estimate at $1,300bn.
The deficit projected for this year will be higher than the $1,300bn inherited from the Bush administration due to additional spending on the fiscal stimulus and other crisis-fighting measures.
Revenue from the sale of emissions permits under a cap-and-trade system will help pay for the deficit reduction, along with reductions in spending on the war in Iraq and higher taxes on wealthy individuals and businesses.
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