WASHINGTON — President Barack Obama has vowed to cut the country's budget deficit in half by the end of his first term.

Obama laid out the guiding principle of his budget policy today at a White House conference. He said he believes the time has come for "a frank conversation" about the problem and said the deficit, projected to total $1.3 trillion this year, must be brought under control.

Obama declared the country "cannot and will not sustain deficits like this without end."

He also said he wants to reinstate a pay-as-you-go policy on federal spending programs, get rid of programs that do not work and end tax breaks for companies that ship jobs overseas.