WASHINGTON - The White House long-term spending reduction plan released last week could help reduce the deficit and secure economic prosperity for the country, US President Barack Obama said on Tuesday.

The US people and the government must live within their means but improve the nation's competitiveness through effective investments in infrastructure, clean energy and other key sectors, he said when giving an address at Northern Virginia Community College.

Obama called for "shared responsibility" of the nation to reduce the budget deficits, as millionaires and billionaires should also make sacrifices in the process.

Obama on April 13 announced the administration's long-term public debt reduction plan, setting a goal to cut 4 trillion US dollars over the next 12 years.