President Barack Obama outlined his plan to slash up to $3 trillion from the deficit over the next decade by revamping the tax code, lowering corporate taxes and instituting a new tax on millionaires. Obama vowed to veto any cuts to Medicare, unless Congress hikes taxes on companies and the wealthy.

President Obama: “I will not support any plan that puts all the burden for closing our deficit on ordinary Americans, and I will veto any bill that changes benefits for those who rely on Medicare but does not raise serious revenues by asking the wealthiest Americans or biggest corporations to pay their fair share. We are not going to have a one-sided deal that hurts the folks who are most vulnerable.”

President Obama also called for changes to the nation’s tax code.

President Obama: “Our tax code shouldn’t give an advantage to companies with the best-connected lobbyists, it should give an advantage to companies that invest in the United States of America and create jobs in the United States of America. And we can lower the corporate rate if we get rid of all these special deals. So I am ready, I am eager, to work with Democrats and Republicans to reform the tax code to make it simpler, make it fairer and make America more competitive.”