Obama's Record on Fiscal Policy—PICTURES

ENTITLEMENTS: Obama’s budget tweaks Medicare and Medicaid while promising bigger health care savings to come from the 2010 health care reform law. The president privately indicated a willingness to go further on entitlement cuts during last summer’s debt-ceiling negotiations if Republicans would agree to tax increases. (AP Photo/Pablo Martinez Monsivais)

TAX REFORM: The president wants to lower the corporate rate from 35 percent to 28 percent, saying that anything lower is a money loser. (AP Photo/Charlie Riedel)

TAXES: Since 2008, Obama has pushed to end the Bush-era tax cuts on household income above $250,000. He agreed to an extension in 2010, however, given the poor economy. (AP Photo/The Kansas City Star, Rich Sugg)

DEFICIT REDUCTION: In February 2009, the president promised to cut the deficit in half by the end of 2012. Instead, it has exploded to record levels during his watch, with the recession as a big contributor. (AP Photo/Jeff Chiu)