President Barack Obama is setting a goal of lowering the deficit by $4 trillion over the next 12 years as he wades into the politically volatile debate over the nation's crushing debt.
"It's an approach that puts every kind of spending on the table, but one that protects the middle-class, our promise to seniors, and our investments in the future," said Obama in a speech at George Washington University.
The plan also proposes cuts to domestic spending and the defense budget. "We need to not only eliminate waste and improve efficiency and effectiveness, but conduct a fundamental review of America's missions, capabilities, and our role in a changing world," said Obama.
"It's an approach that achieves about $2 trillion in spending cuts across the budget. It will lower our interest payments on the debt by $1 trillion," added the president. "It calls for tax reform to cut about $1 trillion in spending from the tax code."
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