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Calls for tackling the debt with a mix of spending cuts and revenue increases. Central to Obama's plan is to let Bush-era tax cuts expire for couples making more than $250,000. That would generate more than $700 billion over 10 years. Also, would set a 30 percent tax rate on taxpayers making more than $1 million, increasing taxes for some but not all millionaires and billionaires. That would generate about $47 billion over 10 years. Reached agreement with congressional Republicans to cut $487 billion in military spending over a decade.

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Economy: Term marked by high unemployment, a deep recession that began in previous administration and officially ended within six months, and gradual recovery with persistently high jobless rates. Unemployment rate jumped to 8.3 percent from 7.8 percent in February 2009, Obama's first full month in office, and has remained above 8 percent ever since. The 38-month stretch of unemployment above 8 percent is the longest on records dating to 1948.

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