Deficit-reduction debate takes shape with Obama's proposal

U.S. President Barack Obama called on Congress to support a $1 tax increase for every $3 of spending cuts, as part of his plan to reduce the budget deficit by $4 trillion during the next 12 years. Obama said he doesn't expect all of his proposals to be accepted but urged lawmakers to form a bipartisan consensus by the end of June. Budget experts said Democratic and Republican deficit proposals lack important details, but at least the shape of debate is becoming clearer.

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