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Obama Debt Reduction Plan To Be Outlined By President In Speech

WASHINGTON — President Barack Obama, jumping into a debt-reduction debate that will help define the rest of his term, will outline his ideas Wednesday for curbing the costs of Medicare and Medicaid and taking other steps to turn around…

WASHINGTON — President Barack Obama, jumping into a debt-reduction debate that will help define the rest of his term, will outline his ideas Wednesday for curbing the costs of Medicare and Medicaid and taking other steps to turn around the nation’s spending habits. Ahead of his effort, House Republicans warned they would not consider any plan that includes tax increases.

Obama will give congressional leaders of both parties a preview of his speech, scheduled for delivery at 1:30 p.m. EDT Wednesday, during a private meeting at the White House on Wednesday morning. The White House has refused to discuss details of the speech, but Obama is expected to call for a “balanced” approach of shared burdens that takes on entitlement programs, defense spending and taxes.

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