The Washington Post reports:
President Obama plans Wednesday to unveil a $3.77 trillion spending plan that proposes modest new investments in infrastructure and education, major new taxes for the wealthy and significant reforms aimed at reducing the cost of Social Security and Medicare.
As Washington barrels toward another potential showdown over the federal debt limit later this summer, administration officials said the blueprint lays down the president’s bottom-line offer for getting federal borrowing under control.
“We don’t view this budget as a starting point in the negotiations. This is an offer where the president came more than halfway toward the Republicans,” a senior administration official told reporters Tuesday, speaking on condition of anonymity to detail the forthcoming document.