President Obama unveils plan to tackle nation's growing deficit

President Barack Obama today outlined his new plan to increase taxes on the rich while reducing the nation's growing deficit.

Under the proposal, taxes on the wealthiest Americans would be increased while moderate cuts are made to Medicare and Medicaid. In all, the plan aims to reduce the deficit by $3 trillion over the next 10 years.

Reactions have been mixed to the president's plan, with some saying that the wealthiest can afford to pay more while others question if now is a good time to try raising taxes.

The plan is expected to face stiff opposition in Congress, with House Speaker John Boehner (R-Ohio) saying he will not allow a tax increase.

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