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President's proposal would cut U.S. deficit by $3 trln over the next decade.
NABE panel now puts 2011 gain at 1.7%; sees 2.3% growth in 2012.
President challenges Congress to pass bill weighted toward tax cuts.
President to present himself as champion of relief for middle class.
Policy makers could decide to lengthen maturity of Fed portfolio at September meeting.
House majority leader cites voter frustration with political rancor.