BBC News with Mike Cooper

President Obama has

outline

d his plans to

tackle

the huge American budget deficit. In a speech in Washington, Mr Obama proposed what he called a balanced approach for cutting the nation's budget deficit by $4tn over the next 12 years. He said he wanted to

restore

fiscal responsibility.

"We have to live with our means. We have to reduce our deficit. We have to 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, protects the investments we need to grow, creates jobs and helps us win the future."

Mr Obama's plans

rely significantly on

tax increases for the wealthy, as well as on cuts in healthcare costs and the defence budget. The Republicans have said any increase in taxes was a "

non-starter

".

Members of the group of nations opposing Colonel Gaddafi's rule in Libya have agreed to look at setting up a mechanism for getting financial aid to the rebels. A statement issued after a meeting in Qatar said the aid would be used to help with short-term financial requirements and structural needs. It made no mention of whether the money might be used to buy weapons. Meanwhile, Nato says it's carried out an air strike against Libyan munitions bunkers near Tripoli. Jeremy Bowen is in the city.

Perhaps the two explosions that echoed around Tripoli this afternoon were

backing up