Obama would cut deficit by $4 trillion in 12 years
(AP) - As he proposes cuts in the nation's futuredeficits by $4 trillion over a dozen years, President Barack Obamaalso says he won't allow tax breaks for the rich to be paid for bybenefit cuts for the poor and elderly.
Obama is recommending a trimming of health care costs inMedicare and Medicaid.
But he's also calling for cuts in defense, an end to many of thetax loopholes used by individuals and corporations, and an end tothe tax cuts for wealthier Americans that were enacted during theGeorge W. Bush administration.
During his speech at George Washington University, Obama drewsharp contrasts with a Republican plan that cuts about $5.8trillion in spending over the next decade. The White House has saidthat plan unfairly targets the poor and the middle class, and olderadults.He noted that the plan has already been embraced by someRepublican presidential candidates -- and said that they are out tochange "the basic social compact in America."