Obama to Speak on Budget Cuts

President Barack Obama will announce his budget plan today in a speech at the George Washington University Wednesday afternoon.

He plans to reduce the national deficit by $4 trillion in the next decade, the Los Angeles Times reported.

Republicans and the tea party movement are pushing for cuts in federal spending, the Christian Science Monitor reported.

Obama will introduce four key plans in his speech: keep domestic spending low, cut the defense budget, reduce extra healthcare spending without sacrificing Medicare and Medicaid, and reform the tax code, according to a White House official.