(Image Source: Joshua Roberts/Bloomberg)

BY ADAM FALK

You're watching multisource politics news analysis from Newsy.

A debate over tax increases and spending cuts is heating up. Sound familiar? As President Obama prepares to unveil a new deficit reduction plan on Monday, politicians are -- again -- sparring over the best way to reduce the deficit and create jobs.

The New York Times reported Saturday, Obama’s plan will include a new minimum tax rate for millionaires, AKA the “Buffett Tax.” Less than 24 hours later, politicians hit the TV circuit to weigh in on the expected plan. Here’s Republican Sen. Lindsey Graham.  (euronews)

“Tax policy is job policy. The tax code should be reformed for one purpose -- to generate  more revenue to help run the government and create jobs jobs. When you pick one area of the economy, and say we'll tax those people because most people are not those people, that's class warfare.” (CNN)

Talking point? House Budget Committee Chairman Paul Ryan echoed the line on Fox News Sunday.

"Class warfare might make for good politics, but it makes for rotten economics.”

No word yet on how much the Buffet Rule will raise taxes. But a writer for Slate says the plan won’t get across-the-board opposition.

“But for some it will likely be a welcome bit of populism in a debt debate that has seen Republican leaders refusing to move on reducing debt by raising tax revenues. Last week, House Speaker John Boehner said that tax increases were not ‘a viable option’ for the six-person joint Congressional committee working on a plan for reducing the nation’s debt.”

The Washington Post agrees but notes the idea has little chance of getting the OK from Congress. Still, it could help shape populist message for Obama’s 2012 run and help the Pres get back some support from his own base.

“Congressional Democrats were also pleased with the proposed millionaire’s tax, calling it a welcome sign that Obama is ready to play hardball with Republicans who have taken the politically unpopular position of defending tax breaks for the wealthy.”

The Buffett Rule might be grabbing headlines, but sources are pointing out this is just one piece of Mr. Obama’s deficit-reduction plan, which as Fox News says must include poison pills for both parties to move forward.

“Any broad compromise that clears the bipartisan committee is almost certain to require Democratic agreement to savings from programs such as the Social Security pension program, along with Republican acquiescence to additional revenues, although any such trade-offs are rarely discussed openly until the last possible moment in negotiations.”

Ultimately, recommended changes will come from the congressional supercommittee set up after this summer’s debt ceiling debate. Will it be debt ceiling round two? Guess we’ll see. Their deadline -- 9 weeks and counting.
 

Transcript by Newsy.