May 22, 2012
(WVLT/CBS/AP)- In just a few hours, President Barack Obama will unveil his new plan to fix the nation's deficit woes.
Expected to be included in the package is 1.5 trillion dollars in tax revenue and big reductions in Medicare and a massive savings in military operations.
Once troops withdraw from fully withdraw from Iraq and Afghanistan, the President expects the government to save one trillion dollars, while 250 billion dollars in Medicare spending would be chopped.
At the same time, Social Security would be off limits to any reductions.
But getting the plan passed will be a struggle.
Mitch McConnell, Senate Minority Leader says
Right now, we've got -- we've thrown a big, wet blanket over the private sector economy. We've borrowed too much. We've spent too much. And now we're threatening to raise taxes on top of it.
Bill Clinton, former U.S. President says
"Those of us in that income group, we're in the best position to make a contribution to changing the debt structure of the country."
Former President Bill Clinton appears to back the proposal, that is not expected to pass the Republican controlled House.
The biggest sticking point of the outline is what's being called the "Buffett rule."
It's a change that would change tax rules for those making more than one million dollars.
The Republicans have called the plan "class warfare."
The President will discuss the plan at press conference Monday morning at 10:30.
