Barack Obama
Media playback is unsupported on your device
Video

Obama: Wealthy should pay more taxes

The US president has put forward his plans to reduce the country's deficit.

Barack Obama said that if the US did not act to raise $1.5tn (£960bn), the burden of debt would fall on future generations.

He said that the wealthy and corporations should pay their "fair share in taxes", arguing that "Warren Buffett's secretary shouldn't pay a higher tax than Warren Buffett".

Go to next video: Obama plans taxes to reduce deficit