Obama to lay out deficit plan this week

President Obama is expected to lay out his deficit-reduction plan Wednesday, his adviser tells CNN. STORY HIGHLIGHTSNEW: Republican leaders say raising the debt ceiling will require concessionsNEW: Democrats warn that a debt ceiling defeat would risk economic declineThe president's plan will address Medicare and Medicaid costs, raise revenue, Plouffe saysObama will unveil his plan on Wednesday Washington (CNN) -- Fresh off last-minute budget negotiations that averted a partial government shutdown, President Barack Obama this week will lay out his plan for long-term deficit reduction demanded by conservatives.

White House Senior Adviser David Plouffe appeared on four Sunday talk shows to announce Obama's intentions and deliver the administration message that further deals like the one reached last Friday night with House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nevada, will be necessary as Congress and the administration face more major budget decisions in coming months.

CNN's Candy Crowley reported that White House Press Secretary Jay Carney told her Obama's deficit plan would come out Wednesday, and Plouffe told CNN's "State of the Union" that the president will "be clear about the types of deficit reduction we need in terms of dollar amounts over what period of years."

Obama's timing responds to a Republican budget plan for next fiscal year released last week by House Budget Committee Chairman Paul Ryan, R-Wisconsin, that would overhaul the Medicare and Medicaid government health care programs for senior citizens and the elderly while reforming the tax code to lower rates and eliminate loopholes.

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