GOP Plan Signals "Deeply Pessimistic" Future, 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’s budget proposal, saying it paints a “deeply pessimistic” picture of America’s future. (0:27)

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