Obama's Deficit Speech: A Quick Look

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NEW YORK (MainStreet) - President Obama kept politics out of his deficit speech Wednesday afternoon, focusing his language instead on terms like "together," "future" and "believe."

The president proposed a budget cutting plan that would trim $4 trillion over the next 12 years to contrast with the Republicans' proposed plan that aims to cut $5.8 trillion over the next decade.

The president's plan, outlined in a seven-page White House fact sheet, draws many of its ideas from the December recommendations of Obama's bipartisan fiscal commission. As in the commission's plan, three quarters of the deficit reduction would come from spending cuts, including lower interest payments as the national debt eases. One quarter, or $1 trillion, would come from additional tax revenue.

Despite his largely optimistic language, Obama did draw several distinctions between his plan and the Republican plan authored by Rep. Paul Ryan (R-Wi.).

"Their vision is less about reducing the deficit than it is about changing the basic social compact in America," Obama said.

Do you think President Obama focused on the right issues in his speech? Let us know in the comments section below.

- The Associated Press contributed to this article.

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