Obama aims to scale back spending for entitlements

U.S. President Barack Obama is putting finishing touches on measures to reduce the deficit, including spending cuts for entitlements such as Medicare and Medicaid and increased taxes for the wealthiest Americans. Obama will press for savings in "all corners of government," said senior adviser David Plouffe. Obama is committed to reversing Bush-era tax cuts and is open to changing Social Security, Plouffe said.

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