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President Barack Obama outlines his fiscal policy during an address at George Washington University in Washington, Wednesday, April 13, 2011. (AP Photo/Pablo Martinez Monsivais)

WASHINGTON (AP) — Forcefully rejecting Republican budget-cutting plans, President Barack Obama on Wednesday proposed lowering the nation’s future deficits by $4 trillion over a dozen years and vowed he would not allow benefit cuts for the poor and the elderly to pay for tax breaks for the rich.

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