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Obama to propose $1.5 trillion in new tax revenue as part of long-term deficit package
WASHINGTON (AP) ' President Barack Obama's proposal to reduce long-term deficits with $1.5 trillion in new taxes has little chance of passing Congress. But it draws sharp contrasts with congressional Republicans and its populist pitch is one that the White House believes the public can support.
Obama's proposal is aimed at the wealthy and comes just days after House Speaker John Boehner ruled out tax increases to lower deficits.
The core of the president's plan totals just more than $2 trillion in deficit reduction over 10 years. It combines the new taxes with $580 billion in cuts to mandatory benefit programs, including $248 billion from Medicare.
The deficit reduction plan represents an economic bookend to the $447 billion in short-term tax cuts and spending that Obama has proposed to stimulate the economy.