'Washington Post' bares early details of president's plan
(NEWSER) - Details of President Obama's new debt-reduction plan to be unveiled this morning are emerging—and it's not a pretty sight for the rich. The president will likely outline a plan to cut the federal debt by $3 trillion over the next decade, with half of that coming from an increase in tax revenues, sources tell the Washington Post . Nearly half of the new tax revenue is expected to emerge from next year's expiration of former president Bush's tax cuts for the rich. Most of the rest will spring from a special new tax for the wealthy , and axing or cutting back on loopholes and deductions, according to administration officials. More»