Obama Budget Targets Rich

Read my lips: more new taxes! The White House unveiled a budget today that makes deep cuts into the U.S. deficit by raising taxes on the wealthy and by replacing the sequester cuts. In the budget, Obama also proposed curbing the growth of cost-of-living increases in federal programs like Social Security. The odds of his budget being enacted are slim to none in a divided Congress, but may move the conversation on taxes and entitlements forward.