Obama's New Budget Raises Taxes on Wealthy

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President Barack Obama's budget plan for 2013 has been delivered to Capitol Hill and is now in the hands of a divided Congress.

It outlines how to spend $3.8 trillion next year and the president's vision for pushing the deficit to below a trillion dollars for the first time in years.

How does he do it? By raising taxes on households earning more than $250,000 a year -- a move that generates $1.5 trillion.

The president rolled out his plan at Northern Virginia Community College on Monday. He highlighted $8 billion he's set aside for a "community college career fund," designed to train students for jobs available right now.

"Growing industries in science and technology have twice as many openings as we have workers who can do those jobs. Think about that. At a time when millions of Americans are looking for work we shouldn't have any job openings out there," Obama said.

The president also took the opportunity to prod Republicans to let the Bush-era tax cuts on top earners expire. He also wants Congress to make millionaires pay at a 30 percent rate on their income.

"We don't need to be providing additional tax cuts for folks who are doing really, really, really well," the president explained.

Meanwhile, top Republican on the Senate Finance Committee likened the president's budget to an episode of the classic television series "The Twilight Zone."

Other Republican senators said the president's budget isn't serious and could cause harm to the nation.

"Somebody asked me if this budget was dead on arrival and I said, 'No. no. It's not dead on arrival. It's debt on arrival.' And that's what we're seeing," said Sen. John Barrasso, R-Wyo.

"This is an ambush budget," he added. "The president is ambushing the American people by promising to cut the deficit by $4 trillion when in fact, over the next ten years he adds to the debt by $11 trillion."

Republicans also say the president failed to address America's safety net programs like Medicare.

This is the president's last budget before the presidential election and political analysts say it has no chance of passing Congress.

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CBN News
Jennifer Wishon

Jennifer Wishon

CBN News White House Correspondent

Jennifer Wishon is the White House correspondent for CBN News based in the network’s Washington, D.C. Bureau.  Before taking over the White House beat, Jennifer covered Capitol Hill and other national news, from the economy to the 2010 oil spill in the Gulf of Mexico. Follow Jennifer on Twitter @JenniferWishon and "like" her at Facebook.com/JennWishon.