A long term plan, which is likely to offer solution on the budget deficit reduction, is being proposed by President Obama on Wednesday. In his speech, Obama is likely to ask for a “shared sacrifice,” which involves budget cuts and taxes to solve the country’s national debts.

An even larger budget fight awaits President Barrack Obama and the leaders from the the Democratic and Republican parties in the Congress on Monday, just few days after a nearly narrow escape from a possibly harmful federal government shutdown.

For the next few months, conflicts are expected to arise in the political regime and would most probably highlight President Obama’s race in the re-election in 2012. This would likely outshine the $38 billion spending cut for the last six months of this year.

Representative Eric Cantor, the no. 2 Republican in the House of Representatives said the spending cut agreed this week is only the start of what he called the first bite of the apple. Several Republicans, who made out big in the last November elections, are doubtful of President Obama’s sincerity on the debt reduction.

On his interview with Fox news, Cantor said it is difficult to trust what the Obama administration is saying or what it is going to say.

Obama’s said plan will investigate savings in the area of defense spending, as well as the state-run Medicare, including Medicaid programs for the health of the poor and elderly people. This aims to cut the $1.4 trillion yearly financial deficit said Senior White House adviser David Plouffe.

Fox officially announced on Wednesday that Glenn Beck decided to “transition off” his show on the TV network. The show’s ratings have dropped significantly over the past few weeks. However, it remained to be the third-most popular news on cable TV.

Fox said they will continue to work with Beck and Mercury Radio Arts – the host’s production company. They have programs both on television and on the internet, lined up for Beck.

However, many critics see this move as a blow to Beck as he was “crowned” just months ago as Fox’s crown jewel and a very important personality in US politics.

The show, broadcasting in the very challenging 5pm time slot, has about two million viewers; way more than all its competitors. However, it has lost an average 30 per cent of its viewers in the last 12 months.

Moreover, Beck was criticized for allegedly rising personal attacks on billionaire George Soros. Beck has also been mocked for his very apocalyptic analyses of basically everything that goes on around the world. Just February of this year, William Kristol, high-profile commentator, dismissed the host’s warnings that the uprising in Middle East will cause an Islamic caliphate. Kristol viewed it as hysteria on Beck’s end and said that it is not healthy.

Fox news is also feeling the financial pains of advertisers pulling off from Beck’s program after he accused President Barack Obama of racism. Media Matters of America, a group that is against Beck’s commentaries, said that there are about 300 firms that refuse to advertise with Beck’s shows.

On Wednesday, Glenn Beck announced the news after paying tribute to Fox News and its president.