Budget Deficit

Obama recently announced that he plans on cutting the deficit in half by the end of his term.

His team said that he plans on reducing the federal deficit to $533 billion by 2013.

Does anybody else see a slight problem, considering the budget deficit in 2008 was $455 billion?
http://www.treas.gov/press/releases/hp1213.htm

Are we supposed to be impressed that he is going to more than double the deficit and then cut it in half by the time his 4 years are over?

Quite a lofty goal there, Mr. President.