BBC News with Marion Marshall
President Obama has
outline
d his plan for cutting America's huge budget deficit, saying that corporations and the wealthiest citizens must pay higher taxes. Speaking at the White House, Mr Obama said it was wrong that someone earning only $50,000 a year should pay the same rate of tax as a person who earned $50m. He said the pain of reducing the deficit had to be evenly spread.
"I will not support any plan that puts all the burden for closing our deficit on ordinary Americans, and I will veto any bill that changes benefits for those who rely on Medicare but does not raise serious revenues by asking the wealthiest Americans and biggest corporations to pay their fair share. We are not going to have a one-sided deal that hurts the folks who are most
vulnerable
."
Republican opponents have described Mr Obama's plan as "class warfare" and say they'll oppose any tax increases.
The Greek Finance Minister Evangelos Venizelos has taken part in a two-hour emergency conference call with international lenders as Greece comes under further pressure to avoid defaulting on its debt repayments. The auditors from the eurozone and the International Monetary Fund have been assessing the Greek government's deficit reduction plan. They are deciding whether to release more money to
bail out
the Greek economy. Officials say further talks will be held on Tuesday. More from our Europe editor Gavin Hewitt in Athens.