President to release budget
Updated: Wednesday, April 10 2013, 10:07 AM EDT
WASHINGTON, D.C. (NEWSCHANNEL 3) - All eyes are on Washington as the country waits for President Obama to officially release his new budget Wednesday morning.
Broad outlines of the plan have already made the rounds on Capitol Hill.
The President's plan is expected to reduce future cost of living increases for people getting Social Security.
The proposed budget combines almost 600 million dollars in new taxes with spending cuts over the next ten years.
Senate Minority Leader Mitch McConnell has said he's anticipating the new plan to be a rehash of previous budget proposals.
“I sincerely hope that it is not the case, that it's just a warmed-over version of last year,” McConnell said. “Because if it is, what a colossal waste of time and what a disappointment.”
Lawmakers in the Senate and the House have already approved their own budget plans.
The House version slashes 4.6 trillion dollars from the deficit over 10 years.
The Senate's plan is similar to that of the President.
The President pitches his budget to the American public during a Rose Garden speech Wednesday morning.
Wednesday night, he will press the plan to GOP Senators at the White House.
Stick with NewsChannel 3 for much more on this story as the day goes on.