captioning funded by cbs good morning. thanks for joining us. i m terrell brown in for betty nguyen. this morning, president obama details his plans to reduce the deficit. the president proposed cutting more $3 trillion most of that on increased taxes mostly over the wealthy. susan mcginnis has more. reporter: this is getting a lot of attention before the president unveils his plan. republicans are out last blasting the president s proposal and it s clear the deficit stalemate is alive and well. carving more than $3 trillion from the deficit. the proposal which he says will cover the cost of his new jobs plan is expected to include cuts to medicare but roughly half of the money will come from higher taxes on the wealthy. we will pay for this plan and pay down our debt by following some basic principles. making sure we live within our means and asking everyone to pay their fair share. reporter: the president will call for an end to bush era tax cuts for couples makin
well. this morning, president obama will roll out his new plan for carving more than $3 trillion from the deficit. the proposal, which he says will cover the cost of his new jobs plan, is expected to include cuts to medicare, but roughly half of the money will come from higher taxes on the wealthy. we will pay for this plan and pay down our debt by following some basic principles. making sure we live within our means and asking everyone to pay their fair share. reporter: the president will call for an end to bush era tax cuts for couples making more than $250,000 a year. he ll also propose a minimum tax rate for millionaires. the so-called buffett rule is named for billionaire warren buffett who says himself, it s not fair that he pays lower taxes than his secretary. with regard to his tax rate, if he is feeling guilty about it, i think he should send in a check. reporter: ahead of today s announcement, republicans were already lining up against the president s plan.
captioning funded by cbs good morning. thanks for joining us. appreciate you joining us. i m terrell brown in for betty nguyen. this morning, president obama details his plans to reduce the deficit. the president proposed cutting more than $2 trillion over ten years. most of that on increased taxes mostly over the wealthy. susan mcginnis has more. reporter: this millionaire s tax is getting a lot of attention before the president even unveils his plan. the republicans are out last blasting the president s proposal and it s clear the deficit stalemate is alive and well. this morning, president obama will roll out his new plan for carving more than $3 trillion from the deficit. the proposal, which he says will cover the cost of his new jobs plan, is expected to include cuts to medicare, but roughly half of the money will come from higher taxes on the wealthy. we will pay for this plan and pay down our debt by following some basic principles. making sure we live within o