Obama to propose $3T in cuts, pledge to veto tax cuts for wealthy  —  President Obama on Monday will unveil his vision for deficit reduction and tax reform in the Rose Garden, threatening to veto any bills that don't raise taxes on the wealthy and corporations.

Obama's debt-reduction plan: $3 trillion in savings, half from new tax revenue  —  President Obama will announce a proposal on Monday to tame the nation's rocketing federal debt, calling for $1.5 trillion in new revenue as part of a plan to find more than $3 trillion in budget savings over a decade, senior administration officials said.

Rep. Paul Ryan Rips Obama's Jobs Plan; Herman Cain Defends His ‘999’ Tax Proposal  —  Special Guests: Rep. Paul Ryan, Herman Cain … CHRIS WALLACE, HOST: I'm Chris Wallace.  —  President Obama takes on entitlements and wants to raise taxes on millionaires to cut the nation's debt, while continues a hard sell on his jobs plan.

New Obama Deficit Plan  —  Half of $3 Trillion in Savings to Come From More Taxes; GOP Opposes Fresh Levies  —  President Barack Obama is expected to offer a new plan to reduce the federal deficit by about $3 trillion over a decade, roughly half of which would come from tax increases, people familiar with the proposal said.