Obama plans taxes and spending cuts to reduce deficit
LONDON. September 19. KAZINFORM President Barack Obama is to unveil plans to cut the US deficit by $3trn (£1.9trn) over the next decade; Kazinform refers to BBC.
A White House official said his proposals included an overhaul of the tax code that would raise $1.5trn.
The official said the president would veto any cuts in health care for the elderly unless there were provisions for rich Americans to pay more tax.
Republicans in Congress have already said they will not agree to any plans to increase taxes.
Mr Obama's plans include nearly $250bn in cuts on Medicare spending - the health care programme for the elderly.
"He will veto any bill that takes one dime from the Medicare benefits seniors rely on without asking the wealthiest Americans and biggest corporations to pay their fair share," Reuters quoted an Obama administration official as saying.
The president is scheduled to announce his long-term deficit reduction plan at the White House at 10:30 (14:30 GMT) on Monday; Kazinform cites BBC.
To learn more go to www.bbc.co.uk