U.S. President Barack Obama says he will present a plan to cut the huge budget deficit by more than $1.5 trillion early next month, after he and Congress return from summer vacations.

Speaking on a visit to Illinois Wednesday, Mr. Obama said his proposed deficit reduction will exceed the $1.5 trillion target that a bipartisan congressional committee is aiming for. He made the comment at a question and answer session with residents of the town of Atkinson.

The committee of six Democrats and six Republicans has set a goal of proposing the deficit cuts by December as part of a deal to raise the U.S. debt ceiling last month. Mr. Obama said his plan will contain mostly spending cuts but also will have some revenues.

Many Republican lawmakers oppose raising taxes on high-income earners and eliminating tax breaks for big corporations, saying such steps will hurt job creation and undermine the sluggish economic recovery.

Illinois is the final stop on a three-day bus tour in which Mr. Obama has been listening to economic concerns of Midwestern residents and talking about his ideas to create jobs. He also visited Minnesota and Iowa.

White House officials say the economic plan that Mr. Obama will present next month includes tax cuts, infrastructure investment and help for the long-term unemployed. In his remarks Wednesday, the president called for rebuilding America's roads, bridges and schools, saying such projects traditionally have drawn bipartisan support.

Republicans have criticized Mr. Obama's bus tour, with some calling it a campaign trip paid for by taxpayers. Republican presidential candidates also have attacked Mr. Obama's record on the economy, because the recovery is fading and unemployment remains above 9 percent.

An opinion poll published by Gallup this week gave the president a 39-percent job approval rating, the lowest since he took office. Other polls give Congress a much lower approval rating.