President Barack Obama will announce later this week deficit reduction targets and a timeline to reach them, White House adviser David Plouffe said on Sunday.

Obama's plan will be released on Wednesday, according to CNN. The plan will lay out specific types of reduction and dollar amounts over a specific timeframe, Plouffe told CNN.

Plouffe said a Republican proposal to cut the deficit unveiled last week would not pass in Congress.The plan would also include ways to address problems with Medicare and Medicaid, cut defense spending and increase taxes for the wealthy.

In February, Obama did not address the issue of healthcare entitlements involved in the aformentioned programs. He proposed $1.1 trillion in deficit reductions over the next 10 years.

Republicans countered that last week with a plan to cut $4.4 trillion in deficits over the same time period while revamping the government health programs.

A Republican proposal to revamp the U.S. public health system in the 2012 fiscal year budget will include a phase-out of Medicare and would replace it by providing subsidies for private health insurance.
Those over 55 years of age would not be affected by the changes. The changes are part of a plan to reduce the government's deficits.
Medicare itself, literally, crowds out all other government spending at the end of the day, said Paul Ryan, the House of Representatives Budget Committee Chairman on Fox News Sunday last week. We can't sustain that. We have got to get Medicare solvent.