Obama to target defecit reduction with new budget

By Mike Munzenrider

The budget proposal the Obama administration will reveal Monday will try to reduce the deficit by $1.1 trillion over the next ten years.

Two-thirds of the reductions will come from spending cuts, while the rest will be through tax increases, according to The New York Times.

Spending cuts would affect so-called "liberal priorities," as well as Pentagon spending, reports The Washington Post.