(Image Source: The White House)

BY NICOLE THOMPSON
ANCHOR CHRISTINA HARTMAN

A new plan to reduce the nation’s deficit. President Obama says his deficit-reduction package will slash $3 trillion.


"This is not class warfare. It’s math.”

First -- to the specifics -- from ABC-affiliate WEWS.

“The president is using the plan to highlight differences in priorities between his party and the GOP.”

     
“The plan adds up to $2 trillion in new deficit reduction. Although the white house says the plan saves more if you count winding down the wars in Iraq and Afghanistan. The president wants $1.5 million in tax revenue ensuring that millionaires pay the same rate as the middle class.”

So -- overhauling the tax code is one part of the plan. But another highlight -- is what’s NOT in it.

As CNN’s Gloria Borger explains -- Republicans didn’t get something they wanted -- raising the eligibility age for Medicare.

“You don't see huge entitlement cuts in this president's first offer here. In his particular marker. This will make his base happy, because while he does have some cutbacks in Medicare, it's really to providers, not to beneficiaries. Again, you have to believe this is the first shot across the bow.”

Democrats might breathe a sigh of relief over the Medicare changes that weren’t -- but CNN also talked to a Republican strategist who complains -- the president’s plan is just more of the same.

“He put together not one proposal for entitlement reforms that’s serious. If you look at where we are, we haven’t cut anything yet. He says well I just cut a trillion dollars. That’s not true. It’s a promise that maybe in 2018 long after he’s no longer president, we might spend less.”

Next up -- the president gives his recommendations to the bipartisan deficit reduction super committee -- which was formed after the summer’s debt ceiling showdown.

On MSNBC - The Economist’s Greg Ip says -- expect more gridlock to come.

 “Don’t you feel though that we’re heading into another two months of brinkmanship with that November 23 deadline hanging over the supercommittee? Both the Republicans and the president desperate to have something they can show the voters. And neither of them at this point willing to give any ground.”

President Obama says he’ll veto any plan that doesn’t include tax revenue -- While House Speaker John Boehner maintains -- absolutely no new taxes.