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Obama Sets Deadline for Deficit Deal in Challenge to Republicans

President Barack Obama set a June deadline for a bipartisan deal to cut the federal deficit and offered a path to get there that was designed to contrast with a Republican proposal he called unfair to the elderly and overly generous to the wealthy.

Obama’s plan, outlined in a speech yesterday at George Washington University, would cut $4 trillion in cumulative deficits within 12 years through a combination of spending reductions and tax increases that draws heavily on recommendations from the chairmen of his bipartisan fiscal commission.