The US President Barack Obama has outlined his plan to tackle the huge budget deficit. In a speech in Washington on Wednesday, he proposed a package of tax increases for the rich and cuts in Government spending. His plan aims at reducing the deficit by four trillion dollares by 2023. Republicans have said any increase in taxes was a non-starter. The increasing US deficit is set to be a top issue in the 2012 election campaign. Both Democrats and Republicans have said cutting the budget deficit is a priority.