WASHINGTON, (Reuters) – President Barack Obama  promised Americans his administration would rewrite the  “monstrous” U.S. tax code as millions faced an annual deadline  yesterday for filing federal income tax returns.

Obama used Tax Day, a source of dread and frustration due  to the welter of confusing paperwork required, to underscore  his efforts to cut taxes for many Americans in the midst of the  worst economic crisis in decades.

“We know that tax relief must be joined with fiscal  discipline,” Obama told reporters as he met several families at  the White House.

He also reiterated a pledge to “stop giving tax breaks to  companies that stash profits or ship jobs overseas so that we  can invest in job creation at home.”

Obama is pushing a record $3.5 trillion federal budget plan  that Republicans and some Democrats say is loaded with too much  spending. He defends it as vital to boosting the  recession-battered economy.

Since taking office on Jan. 20, Obama has also promised  sweeping reform of the tax code. Former Federal Reserve  Chairman Paul Volcker is leading a panel that will study  options and report back by the end of the year.