Obama to offer his own deficit reduction package

President Barack Obama is proposing $1.5 trillion in new tax revenue as part of his long-term deficit reduction plan.

The president on Monday will announce a proposal that includes new taxes, nearly $250 billion in reductions in Medicare spending and savings of $1 trillion from the withdrawal of troops from Iraq and Afghanistan.

The plan includes no changes in Social Security and does not include an increase in the Medicare eligibility age, which the president had considered this summer.

All in all, the president's plan is as much an opening bid as it is a political statement designed to draw contrasts with Republicans, who control the House of Representatives.

The new taxes in particular have little or no chance of passing Congress as proposed.