Sounds like it’s mostly–although not entirely–various forms of defense cuts/savings and tax increases. Isn’t it always so when Democrats say they are cutting the deficit and slimming down government? From the New York Times:
Still, Mr. Obama pledged to cut the deficit in half by the end of his first term, saying his administration had “already identified two trillion dollars in savings over the next decade.” In an interview, an administration official said those savings reflected reduced spending on the war in Iraq and higher revenues from letting the Bush administration’s tax cuts for the wealthiest Americans lapse after 2010.
While the president offered no specifics, he said he would eliminate education programs that did not work, end excessive payments to large agribusinesses and overhaul the military budget “so we’re not paying for cold-war-era weapons systems we don’t use.”
“cold-war-era weapons systems we don’t use.”
The reason we don’t have to use them is because we have them.