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quick to compromise with republicans. well, today that same president delivered this warning. i will not support i will not support any plan that puts all the burden for closing our deficit on ordinary americans. and i will veto any bill that changes benefits for those who rely on medicare, but does not raise serious revenues by asking the wealthiest americans or biggest corporations to pay their fair share. the rich, very rich politics of this debate in just a moment. first, though, let s take a closer look at what the president proposed today. the president, of course, trying to influence that super committee, as i said. here s the main proposal from the president. he wants to have a mandatory spending cuts, $580 billion over the next ten years. tax revenues, $1.5 trillion in new tax increases over the next ten years. war savings. the president says he ll be saving $1.1 trillion because the united states will be getting almost all of its troops out of iraq. many of it
the wealthiest american. republican leaders promptly dismissed it calling the plan class warfare. does the president s plan have a chance? joining me is gene sperling director of the national economic council. thank you for joining me. the president announced today he ll go after the rich. the republicans say that is a form of class warfare. the president says it s math. but the reality is it is class warfare. the rich are a class and he s going after them. it s the opposite. the president is asking for balance, for shared sacrifice. he s asking for everybody to contribute and getting our long-term deficit down. he wants a plan that will be strong and powerful. the american jobs act. but we come to fiscal discipline, we all have to be in this together. when the president put out as a principle that those who make over a million or 10 million shouldn t be paying lower taxes than middle class teachers, firemen, construction workers, some said class warfare, but i m a little p