Obama Wants $3T in Cuts

President Obama will offer a new deficit-reduction plan Monday, which will cut roughly $3 trillion over a decade. The plan includes about $1.5 trillion in tax increases on the wealthiest Americans, sources told The Wall Street Journal. Obama’s plan also proposes adjustments to Medicare and Medicaid that would reduce the deficit by $300 billion over the decade, but his proposal is not expected to increase the Medicare eligibility age. The proposal includes the “Buffett Rule,” which raises taxes on millionaires so they pay higher rates than middle-class Americans—a plan Republicans denounced as "class warfare."