President Obama will announce a deficit reduction plan today that will reduce government spending by $3 trillion through cutting entitlements, tax increases, and war savings. The plan is the White House's opening offer to the Congressional "super committee," which has until Dec. 23 to reach a deal on deficit reduction. GOP lawmakers have already labeled the proposed tax hikes "class warfare," particularly the so-called "Buffet Rule." Named for billionaire Warren Buffett, who has repeatedly called for higher taxes on the rich, the rule imposes a minimum tax rate on those earning more than $1 million per year. Many Republicans contend that taxing the wealthy will only worsen the economy.
Grover Norquist, president of Americans for Tax Reform and author of "Leave Us Alone: Getting the Government's Hands Off Our Money, Our Guns, Our Lives," has a reputation of holding Republicans in Congress to Americans for Tax Reform's anti-tax pledge. He gives his spin on Obama's plan.