Good video, DK.

But Obama didn't say he'd cut the budget in half by the end of his first term. In the video he said he'd cut the deficit in half...big difference.

To cut the budget in half would require the elimination of almost all the discretionary spending--about $2 trillion worth. That's basically what everything we know and call "government" costs. So to cut the budget in half would require massive cuts in both discretionary spending as well as the cost of entitlements, probably along the lines of a 25% cut in discretionary spending and as much as a 50% cut in Social Security and Medicare.

Shortly before the 2008 elections, the Congressional Budget Office estimated that the U.S. federal budget deficit for fiscal year 2007, which ended in October, was about $161 billion. The President's recent 2012 budget proposal, taken from the White House website, shows the projected deficit for 2012 to be $1.33 trillion. That's almost ten times more than the 2007 deficit. Forget about any cuts.

And by the way, the proposed budget does not include even 10 cents worth of cuts to entitlements.

If you think the riots in Greece right now are bad resulting from those lending to Greece demanding cuts in government spending, wait'll you see what happens in New York, Chicago and LA when the Chinese finally call a halt to writing us checks in exchange for our increasingly worthless bonds.