Obama Pledging Most Sweeping Debt Reduction Plan of His Presidency

President Obama is planning next week to reveal a detailed plan to pay for his new $447 billion jobs bill and then will follow up the next week with a second, much broader deficit reduction proposal for the Super Committee on Capitol Hill to consider, according to top aides.

Aides are promising that all told the two proposals will provide at least $2 trillion in deficit savings, the most sweeping and specific blueprint for debt reduction on paper that Mr. Obama has ever provided during his presidency.

White House spokesman Josh Earnest tells Fox News that Mr. Obama's aim is to push the Super Committee, which was created by the debt ceiling deal forged earlier this summer, to go beyond its charter of getting both chambers of Congress to enact deficit savings of $1.5 trillion before Christmas.

"The president is committed to paying for the American Jobs Act and asking the Super Committee to go above and beyond their $1.5 trillion mandate," said Earnest.

Phase one in a two-phase Obama approach will come next week when aides say the president will officially send his new jobs bill, unveiled to a Joint Session of Congress on Thursday night, to House Speaker John Boehner (R-Ohio) and other leaders.

White House aides are promising the bill, known as The American Jobs Act, will include specific budget off-sets, like tax changes and spending cuts, to fund Mr. Obama's $447 billion proposal.

Phase two of his deficit reduction pitch comes on Monday September 19, when the president offers a broader plan for the Super Committee to consider.

In his speech to Congress, Mr. Obama said, "I'll be releasing a more ambitious deficit plan -- a plan that will not only cover the cost of this jobs bill, but stabilize our debt in the long run."

This broader plan will include the $447 billion in budget offsets for the American Jobs Act plus a detailed look at how the president suggests the Super Committee should reach their edict of $1.5 trillion in deficit cuts.

The administration is couching the plan as a deficit reduction package of $1.947 Trillion "or more," which could counteract any charges that Mr. Obama is planning to tap into the Super Committee cuts to pay for his jobs bill.

The president previewed all of this in Thursday's address by noting the Super Committee's mandate to find $1.5 trillion in savings on top of the $1 trillion in cuts already agreed to during the debt ceiling talks.

"Tonight, I am asking you to increase that amount so that it covers the full cost of the American Jobs Act," he said.

While Republicans like Speaker Boehner and House Majority Leader Eric Cantor (R-Va.) are saying positive things about the jobs plan, they're still reserving full judgement on the bill until they get specifics on the budget cuts.

"While we have a different vision in terms of what is needed to boost private-sector job creation in our country, we believe your ideas merit consideration by the Congress, and believe the American people expect them to be given such consideration," Boehner and Cantor wrote in a letter to the president on Friday.

The Republican leaders, who have previously sharply criticized the president for not being more specific about budget cuts, added, "We look forward to receiving legislative text for any of your ideas in a manner that can be scored by the nonpartisan Congressional Budget Office, and to the upcoming speech you described last night in which you will detail the offsets that will be needed to ensure your proposals are paid for."

A senior Republican aide says Mr. Obama spoke with Boehner Thursday afternoon before his address to Congress and only provided a "topline preview" of the economic proposal.

A White House aide said the president also spoke by phone before the speech with Senate Minority Leader Mitch McConnell (R-Ky.) to send the message that he wants to move quickly on the jobs legislation.

While he started Thursday's address by saying he wanted both parties to put politics aside to pass the bill, the president immediately sent Republicans a not-so-subtle political warning in the same speech, at a time when Fox News polling shows Congress has an approval rating of only 10 percent.

"You should pass it," Mr. Obama said of his bill. "And I intend to take that message to every corner of this country."

In addition, the president is hitting a slew of battleground states to press his case with the public, including Ohio and North Carolina next week. He started the sales pitch Friday in Virginia, in Cantor's district in Richmond, at a fiery campaign-style rally.

"If you want construction workers on the worksite, pass this bill," he said. "If you want small business owners to hire new people, pass this bill. Prove you will fight as hard for tax cuts for workers and middle class people as you do for oil companies and rich folks, pass this bill."

Kelly Chernenkoff and Fox Business Network's Rich Edson contributed to this report.