The mantra of the Democratic party is "Tax and Spend" and the President is the cheerleader of this party. They are not at all interested in reducing spending and the deficit will continue to climb as it has his first four years in office. So the answer to your question is "no".
As opposed to the Republicans, I have not seen a Democratic plan to reduce the deficit that could pass the house. Additionally, I've really not seen a plan to reduce the deficit that could work. To reduce the deficit, requires reducing spending, and the extent of reduction is approximately 30%. No Democrat plan has come even close to that.
To be honest, i don't think he has an actual plan for reducing the deficet. It appears to me that his so called plan is more like a scripted set of ramblings to assure the people that everything is fine, all the while the real plan is being put into action. The real plan is suggested by his trickle down economics and other policies on almost everything else, and it indicates that he is deliberately inflating the deficit to facilitate an economic collapse. Which will by proxy result in a government takeover of the markets, creating a facist economic system which will eventually degenerate into a socialistic economic system, run by a communistic totalitarian government.