It then came down to $1.3 trillion in 2010, then stayed flat for 2011.
The Congressional Budget office estimates 2012's deficit will be $1.1 trillion dollars -- a far cry from cutting the deficit in half.
Three years ago, in an interview the newly-inaugurated president Obama gave to NBC's Today Show.
"If I don't have this done in three years, then there is going to be a one-term proposition," Obama said.