US President Obama outlines deficit cut proposals

US President Barack Obama has laid out a fiscal policy "vision" to reduce the US budget deficit while upholding America's social safety net.

He offered a package of tax increases and spending cuts aimed at reducing the deficit by $4tn (£2.45tn) by 2023.

In a speech at George Washington University, Mr Obama proposed increased taxes on the wealthy, a move Republican congressional leaders swiftly rejected.