Obama: GOP Thinks U.S. Can Afford Over $1 Trillion In Tax Breaks For The Wealthy

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 budget proposal, noting that despite the hard economic times for average Americans, the Republican party is proposing huge tax breaks for the rich. (0:24)

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