Later today, President Barack Obama will give a speech at George Washington University outlining his long-term deficit-reduction plan. He is expected to look specifically at defense spending and the tax code, according to Roll Call.

Expanding on his fiscal 2012 budget request, the president will spell out a four-step approach that includes cost savings in the defense budget, the tax code, domestic spending and health care spending.

Obama’s plan also incorporates recommendations from the National Commission on Fiscal Responsibility and Reform, including a tax reform package, which, in Roll Call‘s words, involves “a tax cut for most people but allows many deductions to shrink or disappear.”

Obama is scheduled to speak at 1:35 p.m. Watch the broadcast live on the White House website.

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