Reuters FACTBOX: Obama Sets Goal Of Reducing Deficit

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http://www.reuters.com/article/2011/04/13/us-usa-budget-fb-idUSTRE73C5Y520110413?WT.tsrc=Social%20Media&WT.z_smid=twtr-reuters_%20com&WT.z_smid_dest=Twitter

Factbox: Obama sets goal of reducing deficit by $4 trillion

Wed Apr 13, 2011 2:19pm EDT

(Reuters) - President Barack Obama set a goal of reducing the U.S. deficit by $4 trillion within 12 years or less, in a speech outlining his plan to tackle the country's massive debt problem. Here are some highlights of the plan, according to a factsheet distributed by the White House before the speech:

DEBT REDUCTION GOAL, "DEBT FAILSAFE" TRIGGER

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* In addition to his healthcare overhaul law, Obama is proposing reforms to the government's Medicare and Medicaid insurance

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TAX REFORM

* Obama is calling on Congress to undertake comprehensive tax reform that produces a system that is fairer, has fewer loopholes, is less complex and is not rigged in favor of those who can afford lawyers and accountants to game it, the White House said.

SOCIAL SECURITY

* Obama's plan calls for efforts to strengthen the government's Social Security pension system but does not seek to privatize it, although the factsheet offered no specifics.

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