Summary - PBS News Hour Video - In a speech at George Washington University, President Obama called for cutting the U.S. deficit by $4 trillion over 12 years. His plan includes ending tax cuts for incomes above $250,000, reducing defense spending by $400 billion and exacting $480 billion in savings from Medicare and Medicaid.
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The complete speech...
Obama outlines an overhaul of the tax code and steep cuts in domestic and military spending, but avoids fundamental changes to entitlement programs.