Policy influence on the budget deficit and real GDP

[TJWilliams]

I've been working on a macroeconomics project at my school. I've managed 9 of 10 examples with what I feel are satisfactory results. What I would like help with now is understanding the following example question.

Federal deficit hits record $1.42 trillion -In 2009, the government collected $2.10 trillion in revenues, a drop of 16.6 percent while government spending jumped to $3.52 trillion, up 18.2 percent over 2008. The Obama administration has pledged to include a deficit-reduction plan in its 2011 budget, which will go to Congress in February 2010.

Source: Charleston Daily Mail, October 16, 2009

I'm looking for information on if the deficit-reduction plan includes a cut in transfer payments and there is also a rise in taxes of the same amount how would this policy change the budget deficit and real GDP?