Obama wants balanced approach on deficit

The White House signaled on Tuesday that President Barack Obama will discuss the role of taxes in reducing the U.S. deficit in a Wednesday speech.

White House spokesman Jay Carney, asked if Obama would discuss taxes in the speech, said, "The president believes there has to be a balanced approach" to cutting the deficit. Obama, a Democrat, has said he would like to get rid of tax cuts begun under Republican President George W. Bush that apply to wealthier Americans.