The president, who won an increase in tax rates on high wage-earners earlier this year, said he would press for deficit reduction by ending tax breaks and deductions for wealthier Americans, as well as for spending cuts.

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In another key announcement, Mr. Chidambaram said also that the fiscal deficit for the current fiscal year ending March 31 could turn out to be lower than the earlier estimate of 5.2% of gross domestic product.

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An empty-net goal in the closing seconds, while Lundqvist watched from the bench, turned a one-goal deficit into a Game 5, season-ending loss in the Eastern Conference semifinal series against the Bruins.

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And that's why the plan that I've put forward for manufacturing, and education, and reducing our deficit in a sensible way, using the savings from ending wars to rebuild America and putting people back to work, making sure that we are controlling our own energy, but not just the energy of today, but also the energy of the future -- all those things will make a difference.

WHITEHOUSE: The White House

Asian markets advanced Wednesday on robust earnings from Apple and better-than-expected euro-zone economic data, with stocks in Tokyo ending near a three-month high as the yen weakened on Japan's first annual trade deficit in three decades.

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He has also put forward a very reasonable proposal when it comes to tax reform and generating revenues from tax reform by closing loopholes and ending special exceptions and exemptions for the well-off and well-connected that would also contribute to deficit reduction in a balanced approach.

WHITEHOUSE: Press Briefing