President Obama's promises to address runaway Washington spending - including his pledge to cut the deficit in half by the end of his first term - have fallen flat. For the first time in history, the US has seen four straight years of deficits of $1 trillion or more and the national debt has ballooned by more than 50 percent during the same period of time. Senate Republicans stand ready to work with the president to rein in Washington's out-of-control spending in order to create jobs, economic growth, and opportunity.