Video: Republicans pounce on president's plan

  1. Closed captioning of: Republicans pounce on president's plan

    >>> in washington this evening, republicans are starting to pounce as more details trickle out about the president's long-term plan to bring down the national debt . the plan will reportedly include higher taxes on the wealthiest americans . and many conservatives are calling that a nonstarter. we get our report tonight from nbc's mike viqueira.

    >> reporter: tomorrow president obama will unveil a new minimum tax for everyone making more than $1 million a year. today, republicans were already on the attack.

    >> class warfare will simply divide this country more, attack job creators, divide people, and it doesn't grow the economy.

    >> reporter: the white house is calling it the buffett rule, after wealthy investor warren buffett , who says the rich are being unfairly taxed, not because rates are too high, he thinks they're too low. recently writing, my friends and i have been coddled long enough by a billionaire friendly congress. time for our government to get serious about shared sacrifice. today that stance and the president's embrace of it drew scorn from the senate's top republicans.

    >> if he's feeling guilty about it, send in a check. but we don't want to stagnate this economy by raising taxes .

    >> reporter: the economists say effective, the new tax should be part of a larger overhaul of the tax code .

    >> get rid of most of the exclusions and exemptions, require people to recognize income in the year they receive it.

    >> reporter: mr. obama's new proposal comes as the new economy continues to struggle and his approval rating drops. today, one republican came close to predicting a gop victory next november.

    >> this is our election to lose. president obama has done everything he knows how to do to beat himself.

    >> reporter: the new push comes as the president tries to purn turn up the heat on republicans, casting them as unwilling to compromise on the economy and jobs and indifferent to the struggles of the middle class .

    >> the president needs a contrast. if this is a referendum on the economy, president obama loses. right now, if it is a referendum on him, he loses. he needs to have it between me and republicans.

    >> reporter: now, lester, i'm told by a senior white house official today that that overhaul of the tax code that so many experts are calling for will in fact be endorsed by the president tomorrow. what he won't put on the table, any changes to the social security program. you remember last smeummer he was discussing changes to the social security

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