WASHINGTON, April 19 (Xinhua) -- U.S. President Barack Obama on Tuesday called for "shared responsibility" of the nation to reduce the budget deficits, and touted the importance of the White House debt reduction plan for the prosperity of the country.
The American people and government must live within their means and improve the nation's competitiveness through effective investments in infrastructure, clean energy and other key sectors, Obama said when giving an address at Northern Virginia Community College, his first stop this week as the president is hitting the road to different cities in a bid to deliver the message that a combination of spending cuts and tax hikes on the rich is necessary to reduce the nation's spiking debt.
Obama argued that millionaires and billionaires should also make sacrifices in the process, and the White House long-term spending reduction plan released last week could help cut the deficit and secure economic prosperity for the country.
The White House on April 13 announced its long-term public debt reduction plan, setting a goal to cut 4 trillion U.S. dollars over the next 12 years, following a massive 6.2-trillion-dollar plan from the Republicans.
Obama said his administration would endeavor to achieve budget balance through ways including savings on the defense budget, elimination of waste in healthcare spending, control of domestic expenditures and higher taxes for the wealthy Americans.
