GOP Budget Proposal "Ends Medicare As We Know It," Says President

Fresh off brokering a spending cut deal last weekend that narrowly prevented a government shutdown, President Obama counters the GOP’s 2012 budget plan on Wednesday by proposing a series of spending cuts, tax increases and entitlement reforms that would reduce the nation’s deficit by $4 trillion over the next 12 years. 

Obama criticized the GOP plan, commenting that it “ends Medicare as we know it.” (0:21)

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