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Obama to Unveil Budget Proposal on Wednesday

President Obama's proposed budget plan for fiscal year 2014, displayed in digital format, right, at the U.S. Government Printing Office, Washington, April 8, 2013.
U.S. President Barack Obama plans to introduce a budget proposal he says is aimed at stimulating the middle class and introducing reforms aimed to cut deficits.

Obama will send the proposal to Congress on Wednesday.

The proposal has drawn criticism from Republicans and Democrats. Republicans led by the House of Representatives Speaker John Boehner are opposed to new tax increases.

Democrats are angry about reports Obama's plan will make concessions to Republicans by cutting funding to so-called entitlement programs such as Social Security and Medicare, a health-care plan for the elderly.

Administration officials say the proposal is not the president's most "ideal" budget.

The president says his proposal includes ideas both parties can support, noting it aims to reduce the deficit by nearly $2 trillion over 10 years.

The president said his top priority is improving the economy by supporting the growth of a thriving middle class. He warned that deep, across-the-board budget cuts now in place will cost the economy hundreds of thousands of jobs a year.

Some information for this report was provided by AFP.