US President Barack Obama is contemplating a plan to reduce federal deficit by more than $3 trillion over the next 10 years. The new deficit reduction plan is likely to be implemented by imposing higher taxes on millionaires and war savings through various austerity measures. The plan is likely to be unveiled on Monday.

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Finally, with the axe falling on the US by way of its debt downgrade from credit rating agency S&P, the US president is likely to push for measures to reduce debt designed to be tackled over the next decade. A plan is being mooted in America that high earners and wealthy corporations should be taxed higher to make good for their pay share.

Under the targeted $3 trillion savings, tax increases is supposed to contribute almost half of the outlay. The proposal also includes $580 billion from health care, Medicare bills and entitlement programs. Recently, Obama had proposed a $447 billion jobs plan to spur employment within the economy.

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