Barack Obama, Tax Reform | featured news

President Barack Obama told fellow Democrats from the House of Representatives on Thursday he is willing to agree to a "big deal" with Congress on spending cuts and tax reforms to end the fiscal uncertainty over the U.S. deficit.

President Barack Obama on Tuesday will propose that Congress pass a small package of spending cuts and tax reforms to put off the "harmful consequences" of huge automatic spending cuts known as the "sequester" for a few months, a White House official said.

President Obama seeks up to $4 trillion in deficit cuts, putting Social Security, Medicare, defense spending and tax reform on the table as part of a balanced approach to cuts, officials say.

One of the people named this week to President Obama's new Task Force on Tax Reform is a member of the AIG board of directors.