A Balanced Plan to Avert the Sequester and Reduce the Deficit In one week, unless Congress acts, harmful automatic cuts are slated to take effect, threatening hundreds of thousands of jobs, and cutting vital services for children, seniors, people with mental illness and our men and women in uniform. Let’s take a moment to look what we’ve done so far: 1.      The President has already reduced the deficit by over $2.5 trillion, cutting spending by over $1.4 trillion, bringing domestic discretionary spending to its lowest level as a share of the economy since the Eisenhower era. As a result of these savings, together with a strengthening economy, the deficit is coming down at the fastest pace of anytime in American history other than the demobilization from World War II. 2.      And he's laid out a specific plan to do more. His proposal resolves the sequester and reduces our deficit by over $4 trillion dollars in a balanced way- by cutting spending, finding savings in entitlement programs and asking the wealthiest to pay their fair share. As a result the deficit would be cut below its historic average and the debt would fall as a share of the economy over the next decade. We can't just cut our way to prosperity. Even as we look for ways to reduce deficits over the long term, we must grow the economy in a way that strengthens the middle class and everyone willing to work hard to get into it. The President is serious about cutting spending, reforming entitlements and the tax code to reduce the deficit in a balanced way. The question is, will Congressional Republicans come to the table to get something done?  Even as we look for ways to reduce deficits over the long term, we must grow the economy in a way that strengthens the middle class and everyone willing to work hard to get into it. Learn more about the President’s plan to reduce the deficit. 2013 White House Easter Egg Roll Ticket Lottery and Poster Contest!