Deeper Cuts Expected
Budget battle rolls on in Washington.
President Obama will lay out his plan to break Washington's addiction to borrowing in a in much-anticipated speech Wednesday afternoon.
The speech will focus on a new fiscal plan with big spending cuts.
For clues to the cuts President Obama will propose tomorrow, analysts are looking at the cuts he's already agreed to as part of last week's 2011 budget deal.
The Environmental Protection Agency took a hit.
Highway repair funds were slashed and new high speed rail was killed.
To deal with the deficit, much more will be needed.
Democrats and Republicans agree that Medicare, Medicaid and Social Security could all be tweaked.
Aides say President Obama has a plan.
"He will provide the American people his vision for long term deficit reduction," White House Press Secretary Jay Carney said Tuesday.
Republicans want more than a vision.
"Until he indicates he's willing to sign something it's all just talk," complained Senate Minority Leader Mitch McConnell.
Hard numbers or not, aides say the president will call for Pentagon cuts, a tough sell to Republicans, and cuts in entitlements like Social Security, usually opposed by Democrats.
Aides say mr. Obama believes in a balanced approach to deficit reduction.