Obama to propose $1.5 trillion in new tax revenue

President Barack Obama's proposal to decrease long-term deficits with $1.5 trillion in new taxes is less an opening bid in a compromise than it is an opening salvo in a struggle to draw sharp contrasts with congressional Republicans.

Obama's proposal is aimed predominantly at the wealthy and come just days after House Speaker John Boehner ruled out tax increases to lesser deficits it also comes amid a clamor in his own Democratic Party for Obama to take a tougher stance next to Republicans and while the plan stands little chance of transient Congress, its populist pitch is one that the White House believe the public can support.

The core of the president's plan totals just more than $2 trillion in deficit decrease over 10 years it combine the new taxes with $580 billion in cuts to compulsory benefit programs, as well as $248 billion from Medicare.

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