Obama announces debt plan built on taxes on rich

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 try to influence a special joint committee of Congress that is charged by the end of November with coming up with deficit reductions of up to $1.5 trillion over 10 years. He wants lawmakers to aim even bigger.

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

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