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It's the biggest the country has seen with $1.5 trillion in new taxes primarily on the wealthy, oil companies and big banks. there's new spending in in budget. president obama calls it investments in our future. roads, college, energy, manufacturing. there's well over a trillion dollar deficit for the fourth year in a row. although the white house says that will go down over the course of a decade. republican reaction, as you might imagine, not great on capitol hill. mitch mcconnell calls it a campaign document. senator jeff sessions on the budget committee says this is debt on arrival. let's ...

Pay 30% of income in taxes, something the white house called the buffett rule after warren buffett. mitch mcconnell went on the offensive saying the plan was not a budget but rather a campaign document. the republican presidential candidates also went after his proposal. >> you know, the president came out with a new budget today, and -- [ boo'ing ] >> yeah. you have reason for that response. >> another trillion dollar budget deficit. another tax the rich scheme. more debt. more government. more control. less freedom, less opportunity. >> the times over the next debt ceiling is not this fall. ...

Debt is $14.3 trillion accumulated. are the entitlement programs, medicare and medicaid, to a lesser xont, social security. both plans, all the plans we just mentioned talk about medicare. their approach to reforming it are dramatically different. now you heard the president in his weekend address following on his speech earlier in the week, outlining his framework for a plan to reduce the debt and deficit. a lot of republicans are accusing him of putting out a campaign document because there aren't a lot of details associated with it. nonetheless, the president plans to take his show on the r...

Republicans were in the minority. already democrats are saying wait, you promised that and the first major pieces of legislation, the first piece of legislation, repealing health care, democrats won't be able to offer any amendments. second thing, republicans are being accused of backtracking on is something we've heard so much of, john, this is the pledge to america. everybody who covers and follows politics knows what this is. the campaign document republicans put out during the campaign on the house side. in this it says very clearly that they promise to roll back spending to 2008 levels an...

Create jobs, cut spending and extend cut tacks. the gop hopes these bullet points will restore it to power to the house. weekly votes on spending cuts. cut the budget on congress. hiring freeze on nonsecurity federal workers, and a vote on every regulation costing more than $100 million. what does all that mean, anything, our senior political editor, mr. mark preston is in washington this morning. do you remember the contract with america back in 1994, newt gingrich's big plan? how is this different? is this contract with america 2.0? >> in many ways it,don. this is a campaign document. back i...