Obama to propose $3 trillion in deficit cuts

September 19, 2011 06:01

WASHINGTON - President Barack Obama will release a plan on Monday calling for more than $3 trillion in deficit cuts over 10 years, with about half of the savings coming from higher taxes on the wealthy and big corporations.

In remarks in the White House Rose Garden at 10.30 a.m., Obama will also seek to energize his Democratic supporters with a vow to shield middle-class social insurance programs from large-scale cuts.

"The president will make clear he is not going to support any plan that asks everything of some Americans, nothing of others," said an official who previewed the plan for reporters.

"He'll say that he'll veto any bill that takes one dime from the Medicare benefits seniors rely on without asking the wealthiest Americans and biggest corporations to pay their fair share."

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