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.