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Obama Proposes $4 Trillion In Deficit Cuts

President Barack Obama has announced a four-step plan to reduce the U.S. deficit.
U.S. President Barack Obama has proposed a $4 trillion deficit-reduction plan.

In a speech on April 13 at the George Washington University in Washington, Obama set a time frame of 12 years or less to reach the goal.

President Obama, who is facing a 2012 reelection vote in which the nation's debt and deficit are major worries for Americans, promised to put the country on a gradually improving fiscal path.

The president outlined four steps to reducing the deficit: keeping domestic spending low, finding savings in the defense budget, reducing excess healthcare costs, and tax reform.

The tax reform includes a proposal to repeal tax cuts for families making more than $250,000 annually -- something the president has repeatedly called for in the past.

compiled from agency reports