When visitors to the White House website click on “Fiscal Responsibility” under the “Issues” section, they are directed to a page that includes the following:

Cut the deficit in half by the end of the President’s first term. On January 20, 2009, the President inherited a $1.3 trillion budget deficit. The President has put forth a budget that will halve this deficit by the end of his first term, bring non-defense discretionary spending to its lowest level as a share of GDP since 1962.

Though that would mean cutting the deficit to $650 billion, Obama’s budget projects deficits of $1.3 trillion in fiscal year 2012 (ending this September) and $901 billion for fiscal year 2013. Non-defense discretionary spending is not at the lowest level since 1962, either (more like 2008 or 2001, depending on whether you’re comparing it to this year or next).