President Barack Obama released his budget plan today calling for nearly $250 billion in new spending on jobs, public works and expanded pre-school education and nearly $800 billion in new taxes, The Washington Post reported
The plan also asks for about $1 trillion in cuts from programs across the federal government, targeting Social Security benefits and Medicare in an attempt to win over Republicans.
Obama said the budget replaces "the foolish across-the-board spending cuts" known as the sequester to reduce the deficit while also making necessary investments. "We can grow our economy, and shrink our deficits. The numbers work. There's not a lot of smoke and mirrors in here," he said in the White House Rose Garden.
However, he's already receiving criticism from both parties.
Republicans are unhappy with his call for new taxes. The plan proposes a new "Buffett tax," named for investor Warren Buffett, which phases in a minimum 30 percent tax rate on household income above $1 million. "The president got his tax hikes in January," House Speaker John Boehner said. "We don't need to be raising taxes on the American people."
Meanwhile, a suggested change in Social Security that would change how inflation is measured is causing problems on the left, CNNMoney reported.