President Barack Obama will look to defense spending and the tax code as elements of his long-term deficit-reduction plan, which he will outline in a speech Wednesday afternoon.
Obama will identify a four-step approach that expands on his fiscal 2012 budget request and incorporates recommendations floated by his National Commission on Fiscal Responsibility and Reform, according to a White House official. Besides seeking savings in the defense budget and the tax code, the president will stress keeping domestic spending low and reducing health care spending.
A key component of the fiscal commission’s recommendations is a tax reform package that includes a tax cut for most people but allows many deductions to shrink or disappear. Conservative critics have said the package amounts to a tax increase, and the White House official did not specify whether the president will adopt it in his plan.
The president will give his national address at 1:35 p.m. at George Washington University. The speech will be broadcast live on the White House website.
Rep. Elijah Cummings, D-Md., right, hugs Harold Schaitberger, General President of the International Association of Fire Fighters, after the Congressman spoke at the IAFF's Legislative Conference General Session at the Hyatt Regency on Capitol Hill, March 9, 2015. The day featured addresses by members of Congress and Vice President Joe Biden.