Beyond that, the tax code is also loaded up with spending on things like itemized deductions.

WHITEHOUSE: The Country We Believe In: Improving America��s Fiscal Future | The White House

We need to take on spending in domestic programs, in defense programs, in entitlement programs, and we need to take on spending in the tax code -- spending on certain tax breaks and deductions for the wealthiest of Americans.

WHITEHOUSE: President Obama on Deficit Reduction

Just possibly, if he won a second term, he would tackle the tougher parts of tax reform, such as scrapping deductions, and would launch an assault on entitlement spending.

ECONOMIST: George Bush's tax agenda: Handing it back | The

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.

WSJ: Obama State of the Union Address to Focus on Economy, Social Issues