Obama wants to let the Bush tax cuts expire for the wealthiest Americans, and reduce health care waste, to help cut the projected deficit by $4 trillion over the next 12 years.

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n an address from the Rose Garden on Monday, President Obama will call for a one-year extension of the Bush-era tax cuts for those making less than $250,000 a year, according to senior administration officials. House Republicans are set to vote later this month to permanently extend all of the Bush-era tax cuts, not just those for the middle class. Obama is seeking to emphasize the contrast between himself and Mitt Romney; last week, he said his challenger for the presidency would "give $5 trillion of new tax cuts on top of the Bush tax cuts, most of them going to the wealthiest Americans." The proposal also puts Obama in conflict with fellow Democrats; Rep. Nancy Pelosi (D-Calif.) and Sen. Charles E. Schumer (D-N.Y.) are in favor of extending the tax cuts for those earning up to $1 million.