(CNN) - A Harvard economist doubts President Barack Obama will be able to meet his goal of cutting the nation's deficit in half by the end of his first term.
Jeffrey Miron said it's a good idea for Obama to focus on the long-term deficit, but he suspects the proposal to halve the $1.3 trillion deficit is "wildly optimistic."
Most of the savings would come from spending less on the war in Iraq, streamlining government and raising taxes on those who make more than $250,000, an administration official told CNN.
But Miron, speaking Monday on CNN's "American Morning," said, "First, tax increases will probably not produce as much revenue as being forecast, and second, he hasn't really touched the two really important programs that account for a huge fraction of our future liabilities . Social Security and Medicare. Unless he does something about those, he's just kicking a can down the road."
Peter Orszag, the director of the Office of Management and Budget, on Monday insisted the tax provisions would not go into effect this year. He said Obama's team plans to trim the budget "honestly, without gimmicks." Asked about Miron's comment, he replied, "I'm not into being wildly optimistic."