What Are President Obama's Fiscal Policy Positions—PICTURES

GENERAL PHILOSOPHY: Economic stimulus now, deficit reduction over the long term. Tax the wealthy to raise additional revenues. Trim military spending, Medicare, federal pensions, and farm subsidies. (AP Photo/Jeff Chiu)

TAXES: Much of the administration’s rhetoric on taxes involves ensuring that the wealthy pay their “fair share.” (AP Photo/Pablo Martinez Monsivais)

DEFICIT REDUCTION: When the president unveiled his budget in February, Jeff Zients, the acting director of the Office of Management and Budget, was quick to tout deficit-reduction measures that he said amounted to more than $5 trillion in savings over 10 years (AP Photo/Pablo Martinez Monsivais)

SPENDING: The president’s surrogates, such as White House Chief of Staff Jacob Lew, have emphasized that now is not the time for austerity. (AP Photo/Jeff Chiu)