Pres. Obama unveils $3.8T budget
Updated: Wednesday, April 10 2013, 08:31 PM EDT
WASHINGTON, D.C. (NEWSCHANNEL 3) - On Wednesday, President Obama unveiled his $3.8 trillion budget for 2014.
The President aims to slash the deficit by $1.8 trillion over 10 years.
His plan calls for reductions in social security and medicare spending and increases in taxes, mostly on higher income earners.
He also plans to nearly double the federal tax on cigarettes to nearly $2 per pack.
The White House claims the plan will bring total deficit savings to $4.3 trillion.
So far, the President's proposals have managed to anger Republicans, who don't like the idea of raising taxes, and Democrats, who don't agree with cuts to social security benefits.
To see an agency-by-agency breakdown of the proposed cuts, click here.