Obama calls on U.S. to live within means

WASHINGTON — Challenging Republican budget plans, President Barack Obama on Wednesday proposed lowering the nation's future deficits by $4 trillion over a dozen years through a blend of specific measures and vague objectives designed to lower spending in politically sensitive health care programs while also increasing taxes.

The president proposed reductions in the growth of Medicare spending, cuts in defense, an overhaul of the tax system to eliminate many loopholes enjoyed by individuals and corporations, and an end to Bush-era tax cuts for wealthier Americans.

"We have to live within our me...