Obama to Unveil Long-Term Deficit Reduction Plan - Newschannel 6 Now | Wichita Falls, TX

Obama to Unveil Long-Term Deficit Reduction Plan

      WASHINGTON (AP) - President Barack Obama unveils his long-term
deficit reduction plan today.
      Senior administration officials say the plan calls for $1.5
trillion in new taxes, including a repeal of Bush-era tax cuts for
the wealthy. It also proposes $580 billion in cuts to mandatory
benefit programs, including Medicare.
      The White House says Obama's approach is a balanced one, but
it's prospects in Congress are dim. Republicans have ruled out tax
increases to lower deficits.

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