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