President Barack Obama is proposing a more than $3 trillion plan to shrink the nation's debt, with roughly half of the money coming from tax increases on the wealthy and corporations.

Speaking from the Rose Garden at the White House, Obama said Monday everyone must pay a "fair share."

Obama's goal is to try to influence a special joint committee of Congress that is charged by the end of November to come up with deficit reductions of up to $1.5 trillion over 10 years.

His plan also aims to pay for his short-term jobs bill, and to put Republicans on the spot over raising taxes on the richest Americans.

The plan stands little chance of passing Congress, but the White House believes the public can support its populist pitch.