US President Barack Obama has outlined his plans to reduce the US deficit and to kick-start economic growth. In a speech at the White House, Mr Obama said that corporations and the wealthy must pay higher taxes. The aim is to produce savings of more than $3tn (£1.9bn) over the next decade, with roughly half coming from tax increases. However, Republicans in Congress have already said they will not agree to any plans to increase taxes. In a televised address from outside the White House, President Obama said if the US did not act, the burden of debt would fall on future generations. "Washington has to live within its means," Mr Obama said. "We have to cut what we can't afford, to pay for what really matters." He said the wealthy and corporations should pay their "fair share" to cut the deficit. "Middle-class families shouldn't pay higher taxes than millionaires and billionaires," he said. "It's hard to argue against that. "It's not class warfare, it's math." Mr Obama's plans will go before a congressional deficit-reduction "super-committee" already considering how to cut $1.5tn from the budget deficit. The committee faces a November deadline to find $1.5tn in savings and is not obliged to accept the president's ideas.