President Barack Obama will unveil his plans to expand high-speed wireless service to at least 98 percent of Americans within five years, while reducing the U.S. deficit by about $10 billion over the next decade.

Obama will announce the new initiative at Northern Michigan University in Marquette, Michigan, where local businesses have been able to grow as a result of broadband access, with particular benefit in exporting goods to new markets around the world.

Obama's initiative calls for nearly doubling wireless spectrum available for mobile broadband, providing at least 98 percent of Americans with access to 4G high-speed wireless, deploying a nationwide, interoperable wireless network for public safety, while nearly $10 billion of spectrum auction revenue will be devoted to deficit reduction.

More than 10 times faster than current high speed wireless services, the 4G technology promises to benefit all Americans, bolster public safety, and spur innovation in wireless services, equipment, and applications.

In a statement, White House said By catalyzing private investment and innovation and reducing the deficit by $9.6 billion, this initiative will help the United States win the future and compete in the 21st century economy.

The President's objective is to free up 500 MHz of spectrum for everything from smartphones to wireless broadband connectivity for laptops to new forms of machine-to-machine communication within a decade. The majority of the freed up spectrum would be auctioned for licensed mobile broadband, raising a projected $27.8 billion over the next decade.

The initiative will include a one-time $5 billion investment, to be managed by the FCC, from the government to be used to get wireless access in rural areas.

To spur innovation, $3 billion of the spectrum proceeds will go to research and development of emerging wireless technologies and applications, the White House said.

The President is calling for a $10.7 billion investment to support the development and deployment of a nationwide wireless broadband network to afford public safety agencies with far greater levels of effectiveness and interoperability.

Extending access to high-speed wireless not only provides a valuable service to Americans living in those areas - access to medical tests, online courses, and applications that have not yet been invented - but also catalyzes economic growth by enabling consumers and businesses living in those areas to participate in the 21st century economy, White House said.