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U.S. President Unveils Plan To Cut Deficit

U.S. President Barack Obama introduced the plan in a speech from the White House on September 19.
President Barack Obama has unveiled a plan to cut the U.S. deficit by $3 trillion over a decade.

Obama said it was necessary to "go through the budget line by line looking for waste," but added that "we shouldn't balance the budget on the backs of the poor and the middle class."

Obama said the wealthy and corporations must pay their "fair share" and that the middle class should not pay higher rates than millionaires.

White House officials have said the plan includes an overhaul of the tax code that would raise $1.5 trillion.

However, Republicans, who control the House of Representatives, have said they are firmly against any tax hikes to raise revenues.

compiled from agency reports