President Obama is set to deliver a much anticipated speech 1:30 p.m. at George Washington University in Washington. The speech will detail his long-term plans for reducing the nation’s deficit. Todd Zwillich, The Takeaway’s Washington correspondent says that the president will have to prepare the public for tough decisions as he faces the debt. Charlie Herman, business and economics editor for The Takeaway and WNYC Radio, will look at the economic implications President Obama’s speech lead to, especially on the subject of taxes. This is a really difficult battle as anything that seems to hint on raising taxes is nearly impossible to get passed.