President Obama outlines deficit plan

Tax hikes on the wealthy are a key part of the president’s proposal to slash the nation's debt.
Forcefully rejecting Republican budget cutting plans, President Barack Obama on Wednesday proposed lowering the nation's future deficits by $4 trillion over a dozen years with a package that includes reducing spending on politically sensitive health care programs and raising taxes on high-earning Americans.
The president recommended trimming the growth of Medicare spending, cuts in defense, an overhaul of the tax system to eliminate many loopholes enjoyed by individuals and corporations, and an end to Bush-era tax cuts for wealthier Americans.
"We have to live within our means, we have to reduce our deficit, and we have to get back on a path that will allow us to pay down our debt," Obama said in a combative speech at George Washington University.

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