I have to admit that while watching Obama speak, I found myself wondering how he thought he was going to pull off everything he was describing. All this stimulus, all this bank bolstering AND a reduced deficit?
I'd even be interested in Republican counterarguments except for one rather important detail. They don't believe a word of their own arguments. The key to balancing any budget including our Federal one is to spend less than you take in. While pretending that the Democrats want to spend more than they take in, the Republicans instead insist on taking in less than they spend. Add to that, their record of keeping the GWOT off-budget and you have a perfect formula for graft and dishonesty.
I don't know how Obama is going to manage to reduce the deficit but stopping lying is certainly a good first step.