He also pledged to end no-bid contracts in Iraq, root out waste and abuse in entitlement programs such as Medicare and Medicaid, require every Cabinet member to scrub department budgets "line by line, " and reinstate a "pay as you go" rule from the 1990s.

CNN: Obama pledges to cut deficit in half at fiscal summit

Those institutions include sound money, private property rights protected by the rule of law and limited government, interest rates and other relative prices that are free to move in line with market forces, and taxes and regulations that do not destroy incentives to work, save, and invest.

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