Obama to release details of plan to reduce U.S. budget deficit

President Obama will release his plans this week to reduce the federal deficit by making cuts to government programs for seniors and the poor and possible tax hikes for the wealthy.

This comes after a last-minute budget agreement between Republicans and Democrats on Friday that will cut the year's spending by $38.5 billion.

The budget has not come near the $14 trillion deficit Rep. Tim Huelskamp of Kansas wrote on his Facebook page, according to the Associated Press.

Obama will likely once again try to end tax cuts to those who make $250,000 a year and will take "a scalpel, not a machete," to programs like Medicare and education services, in a New York Times story.

Republicans told the Associated Press on Friday that although they compromised for this year's budget plan, they are not ready to make compromises on next year's spending plan yet.

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