notes that the administration faces $9 trillion in budget deficits over the coming decade, nearly all of which he blamed on policies Obama inherited:

Obama budget director: We can cut the deficit - The Oval: Tracking the Obama presidency
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The 2011 budget President Obama submits in February will include "a number of proposals" to cut the $1.4 trillion federal deficit, his top budget aide says.

In a speech delivered this morning at New York University, Office of Management and Budget director Peter Orszag offers few clues about the administration's deficit-cutting proposals. But he makes it clear they will be a priority.

"To bring deficits down to a sustainable range ... will require more action once the economy is into a recovery," Orszag says. "We are currently considering a number of proposals to put our country back on firm fiscal footing, and to cut the deficit we inherited in half by the end of the president's first term.

Orszag notes that the administration faces $9 trillion in budget deficits over the coming decade, nearly all of which he blamed on policies Obama inherited: $4 trillion in tax cuts implemented by George W. Bush; $3.5 trillion in lower revenue and automatic spending increases, such as food stamps and unemployment insurance, due to the recession; and $700 billion in Medicare prescription drug costs. Only 10% of the $9 trillion comes from the economic stimulus package passed in February, he says. ...