Just days after signing into law a record spending and tax cut package aimed at jumpstarting the economy and creating or saving at least 3.5 million jobs, President Obama today pledged to halve the federal government's projected $1 trillion-plus annual deficit by the time his first term expires.

"We cannot and will not sustain deficits like these without end," the president said. "We are paying the price for these deficits right now," he added, citing the $250 billion in interest payments on the national debt in 2008. "And that's why today I'm pledging to cut the deficit we inherited by half by the end of my first term in office."

A little known provision within the stimulus package raised the public debt ceiling to $12.1 trillion in order to finance the legislation's initiatives. Thus, the bill's spending and tax provisions will be paid for through borrowed money -- most likely by the U.S.'s top debt holders such as China and Japan. (Office of Management and Budget Director Peter Orszag told CNN today that he is confident that foreign investors such as China will continue to finance the U.S.'s publicly held debt.)

Obama also formally announced today that his proposed fiscal roadmap, to be unveiled on Thursday, will exclude "accounting tricks" such as failing to budget  for war costs and natural disasters.

"We do ourselves no favors by hiding the truth about what we spend," the president said. According to Obama, his budget for fiscal year 2010 will:

• Span ten years as opposed to five years.
• Root out waste and inefficiency as a result of a line-by-line examination of the budget.
• End payments to agricultural producers that "don't need them."
• Eliminate no-bid contracts in Iraq.
• End tax breaks for companies that are "shipping jobs overseas."
• Stop the fraud and abuse in the Medicare program.
• Reinstate "pay-as-you-go" rules that require any additional spending by the federal government or revenue reductions via tax cuts be fully offset by spending hikes or revenue raisers elsewhere in the budget.

Earlier today, Obama acknowledged the economic stimulus law's (P.L. 111-5) potential shortcomings, but called on state and federal lawmakers to conduct an honest debate on the package's overall impact.

"I think there are some very legitimate concerns on the part of some about the sustainability of expanding unemployment insurance," Obama said during a speech to the nation's governors, referring to some Republican governors' intent to refuse federal aid to states for expanding federal unemployment insurance. "What hasn't been noted is... that is $7 billion of a $787 billion program... So it is possible for those who are concerned about sustaining a change that increases eligibility for part-time workers to still see the benefit of $30 billion-plus that is going even if you don't make the change."

The president's focus on fiscal matters will continue on Tuesday with a visit to Capitol Hill to address the nation during a joint session of Congress.