(Agence France-Presse) President Barack Obama will make key concessions to Republican foes next week when he unveils his US budget that proposes cuts to cherished entitlement programs, the White House said Friday.

Obama’s fiscal blueprint slashes the deficit by $1.8 trillion over 10 years, in what a senior administration official described as a “compromise offer” that cuts federal spending, finds savings in Social Security and raises tax revenue from the wealthy.

Republicans led by House Speaker John Boehner are opposed to new tax hikes, after the president secured $600 billion in increased tax revenue in a year-end deal.

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