Politics

Day 35: Obama Vows To Cut Deficit In Half

By Brian Montopoli

February 23, 2009 / 7:30 PM EST / CBS News

(AP Photo/Charles Dharapak)

On his thirty-fifth day in office, President Obama announced his intention to cut the massive federal budget deficit in half by the end of his four-year term.

"We cannot and will not sustain deficits like these without end," the president said. "We are paying the price for these deficits right now."

Also today, the president said he would distribute $15 billion to the states to help them with Medicaid payments to the poor.

And the president held a question and answer session at the close of his Fiscal Responsibility Summit, where he fielded a question from onetime rival for the presidency Sen. John McCain about plans for a fleet of presidential helicopters.

Watch Chip Reid's CBS Evening News report on the president's day below.