President Obama Jobs Plan
President Obama releases the specifics of his jobs plan.
The hallmark of President Obama’s deficit cuts is the so-called "the Buffet rule" -- named for billionaire Warren Buffet: a minimum tax rate for millionaires - so they never pay a smaller portion than the middle class. "Making sure we live within our means and asking everyone to pay their fair share,” said President Barack Obama.
That - plus rolling back the Bush tax cuts on couples making over $250,000, and closing tax loopholes for big oil companies and corporate jets - amounts to one and a half trillion in savings, the president will say today.
Republicans argue tax hikes will prevent the rich from creating jobs, "Does anybody think that's a good idea other than the President?" said Senator Mitch McConnell (R-KY), Senate Minority Leader.
"When you pick one area of the economy and you say, we're going to tax those people because most people are not those people, that's class warfare," said Senator Lindsey Graham(R), South Carolina.
The President will also outline over half a trillion in savings from Medicare, Medicaid and other benefit programs.
Doctors and hospitals take the would take the biggest hit, but republicans claim seniors would eventually pay, "It puts 15 bureaucrats in charge of rationing prices to Medicare for current seniors. And that jeopardizes their care," said Rep. Paul Ryan, (R) Wisconsin.
The President's plan won't raise the minimum age for Medicare, and won't touch Social Security.