The New Budget...

...same as the old budget

Here's Obama's plan to reduce the deficit:

The president spelled out plans to offset spending by more than $1.2 trillion over 10 years, partly through a freeze on many domestic programs and by imposing more than $800 billion in higher taxes and fees on households earning more than $250,000, on banks that benefited from the financial industry bailout and by repealing tax breaks for the oil, gas and coal industries.

There are some interesting quotes from various critics in that article.