Obama offers US$3 trillion debt plan, tax hikes on rich

President Barack Obama called on US lawmakers to pass his jobs proposal and take up his plan to slash up to US$3 trillion from the deficit over a decade.

"Washington has to live within its means," Obama said. "We have to cut what we can't afford to pay for what really matters."

Republicans, who control the US House of Representatives, are firmly against any tax hikes to raise revenues, so the plan is not seen moving forward in its current form.