Meaning: The quote you provided is a statement made by Christina Romer, an economist and former chair of the Council of Economic Advisers under President Barack Obama. The quote refers to the commitment of the administration to work with Congress to fulfill the president's promise of cutting the deficit in half over his first term in office.

During President Obama's first term, one of his major policy goals was to reduce the federal budget deficit. The deficit is the difference between the amount of money the government spends and the amount it takes in through revenue. Cutting the deficit in half was a significant promise made by the president during his election campaign, and it was a key part of his economic agenda.

Christina Romer, as an economist and a key member of the administration, was instrumental in shaping and advocating for the economic policies aimed at achieving this goal. Her statement reflects the administration's commitment to working with Congress to implement measures and reforms that would lead to a reduction in the deficit.

The quote also highlights the collaborative approach that the administration intended to take in addressing this issue. Working with Congress is crucial for implementing any significant changes to fiscal policy, as Congress holds the power of the purse and is responsible for passing the federal budget. By expressing a commitment to working with Congress, the administration signaled its willingness to engage in bipartisan efforts to address the deficit.

It's important to note that the context of this quote is the aftermath of the 2008 financial crisis, which significantly impacted the U.S. economy and led to a substantial increase in the federal budget deficit. In response to this economic downturn, the Obama administration pursued various measures to stimulate the economy, including the American Recovery and Reinvestment Act of 2009. However, these measures also contributed to an increase in government spending and a widening of the deficit.

The commitment to cutting the deficit in half over the first term was a bold and ambitious goal, especially given the economic challenges facing the country at the time. It required a comprehensive strategy that included both revenue-raising and cost-cutting measures, as well as a focus on economic growth and job creation.

Romer's statement serves as a reminder of the administration's overarching economic objective and its determination to address the fiscal challenges confronting the nation. It reflects the emphasis placed on responsible fiscal stewardship and the belief that reducing the deficit was essential for ensuring the long-term economic health and stability of the country.

In conclusion, Christina Romer's quote encapsulates the administration's commitment to working with Congress to fulfill President Obama's promise of cutting the deficit in half over his first term. It reflects the challenges and priorities of the time, as well as the collaborative and determined approach taken by the administration to address the nation's fiscal situation.