Obama unveils plan to cut deficit by $4 trillion

'We will all need to make sacrifices,' President Obama says in detailing his 2012 budget package, which includes tax reform, cuts in domestic and defense spending, entitlement savings and a promise to preserve Medicare and Medicaid.

President Obama called for reducing the federal deficit by $4 trillion in the next decade through a package that includes tax reform, further cuts in domestic and defense spending, and shoring up of federal entitlements, setting the stage for a spirited debate with Republicans.

Source: http://feeds.latimes.com/~r/latimes/news/~3/8a4wzPHCVjE/la-pn-obama-deficit-speech-20110414,0,5798208.story

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