President Barack Obama on Wednesday unveiled a package of budget cuts and tax increases and called for reviewing "tax expenditures,'' which include the tax-exempt status of credit unions.

In a nationally televised speech, Obama said any reform should build on the calls made by his deficit-reduction commission to reduce "tax expenditures so that there is enough savings to both lower [tax] rates and lower the deficit.''

He didn't mention specific expenditures but did talk about the need to reduce the deficit and spoke of the need to make sacrifices to ensure the nation's long-term prosperity.