Empty Promises: Obama Pledges to Cut Deficit by End of His First Term TOPICS:bailoutsbudgetcut the deficitdeficitempty promisesentitlementsfirst termobamaObama Pledges to Cut Deficit by End of His First Term Posted By: BMartin1776 February 13, 2012 These are just the five times he has promised to cut US debt. Leaves out of course all the entitlement programs being put in place, cost of Obamacare, bailing out banks, auto industry and foreign banks to name a few!