President Barack Obama announced his deficit reduction plan Wednesday at the George Washington University, calling for a mix of tax increases for the wealthiest Americans and spending cuts that would lower the federal deficit by $4 trillion over the next 12 years. During a 43-minute speech in the Jack Morton Auditorium, President Obama outlined his plan for reducing the nation’s debt while continuing to support economic recovery and protect entitlement programs such as Medicare and Medicaid. “We have to live within our means, reduce our deficit and get back on a path that will allow us to pay down our debt. And we have to do it in a way that protects the recovery and protects the investments we need to grow, create jobs and win the future,” said President Obama. Before a packed auditorium, President Obama thanked GW President Steven Knapp and told GW students it was great to be back on campus. The president held a town hall meeting at the Marvin Center last fall leading up to the midterm elections. “I want you to know that one of the reasons I kept the government open was so I could be here today with all of you. I wanted to make sure you had one more excuse to skip class. You’re welcome,” President Obama joked.