Jackie Chalms reports in the NY Times that Barack Obama will unveil a plan on Thursday to cut the deficit in half by the year 2013. The plan will call for reductions even while the government spends trillions to bail out banks, lenders, and car companies. The reductions will come from a combination of higher taxes on the wealthy, eliminating the war in Iraq, and selling commemorative $5 bills with his image on them.obama's plan to cut the deficit in half