U.S. President Barack Obama Wednesday unveils his proposed budget for 2014, a plan that fails to satisfy many members of both parties.
The president's budget includes cuts in programs many senior citizens depend on, including Social Security and Medicare. It includes tax hikes on the wealthy -- all intended to cut government spending and increase revenues.
Mr. Obama says his proposed budget is not his ideal plan to cut the deficit. But, he calls it a compromise to move beyond what he says has been a cycle of short-term, crisis-driven decision-making.
Some of the more liberal Democrats object to cuts in Social Security, while many Republicans want more spending cuts and no tax increases.
Mr, Obama says his proposed budget is aimed at reducing the deficit by nearly $2 trillion over 10 years. The president says his top priority is supporting a thriving middle class. He warned that the deep spending cuts now in place will cost the economy hundreds of thousands of jobs a year.