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President Obama's budget meets early GOP skepticism

Sunday, February 12, 2012

(Fox News) Drawing on $1 trillion in deficit reductions already negotiated in last summer's debt ceiling deal, President Obama's next fiscal year budget -- out Monday -- will call for an additional $1.5 trillion in spending cuts to go with $1.5 trillion in new taxes on corporations and high-income earners.

The $4 trillion, 10-year spending plan -- the last Obama budget proposal before the presidential election -- uses savings from the Iraq and Afghanistan military withdrawals to drive down the deficit, pledges $476 billion over six years for infrastructure projects, $350 billion in short-term stimulus-style spending for job creation and $60 billion for teachers and first responders. It offers little in the way of entitlement reforms, the biggest driver of the national debt.

Added all together, Obama Chief of Staff Jacob Lew claims that for every dollar of revenue in the plan, spending will be cut $2.50.