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By Mangosuthu Buthelezi
Memories of a long brotherhood tempered in common struggle
Independent voices from the The Washington Times Communities
Topic - Sylvia Mathews Burwell
Powered by tax increases and deep budget cuts that held spending in check, the federal deficit dropped to $680 billion in fiscal year 2013, according to a Treasury Department report Wednesday that marks the first subtrillion-dollar deficit since President Obama took office.
President Obama on Monday nominated Wal-Mart's Sylvia Mathews Burwell to head the Office of Management and Budget, a job which places her at the epicenter of the budget wars between the White House and Congress.
"As a percent of Gross Domestic Product (GDP), the deficit fell to 4.1 percent, representing a reduction of more than half from the deficit that the administration inherited when the president took office in 2009," Ms. Burwell said in a blog post. "The deficit reduction since that point represents the fastest decline in the deficit over a sustained period since the end of World War II."
White House budget director Sylvia Mathews Burwell said the figures mean Mr. Obama has made good on his pledge to cut the deficit in half.