Nightly News | February 13, 2012
>>> president obama unveiled his budget for the upcoming here. this being an election year, the chances of a $3.8 trillion plan becoming law as-is are being judged at just about zero with the fight over taxes and spending grinding on as it has for the past three years or so. our political director chief white house correspondent chuck todd at the white house tonight with more on this. chuck, good evening.
>> reporter: good evening, brian. here is what today's was, the president aeroopening bid. how he thinks the government should collect some $3 trillion in taxes and how it should spend $4 trillion. here is what it wasn't, the likely budget . the president conveniently has a swing state in his backyard, and he traveled to virginia to unveil his 2013 budget .
>> i will not read it to you. it's long and a lot of numbers.
>> reporter: what he did, sounded the same populist theme he's been using these last few months.
>> we can settle for a country where a few people do really well and everybody else struggles to get by or we can restore an economy where everybody gets a fair shot.
>> reporter: the president focused most on areas where he wants to spend money, $350 billion for job creation, including the community college training initiative he highlighted today. $476 billion in transportation and infrastructure rebuilding. $141 billion for the areas of the government that focus on research and development . republicans focused on the lack of details on taxes and deficit reduction.
>> somebody asked me if this budget was dead on arrival . i said it's not dead on arrival , it's debt on arrival.
>> reporter: white house aides acknowledge they are punting income tax reforms in favor of old proposals that tax the wealthiest americans .
>> we will not continue to costly tax cuts for oil companies, investment fund managers and those making over $ 250,000 a year. we can't afford it.
>> reporter: the only new tax reform in this budget , adoption of the so-called buffet rule, requiring folks earning over $1 million to pay a minimum rate of approximately 30%. the republicans senate leader charged the president budget is not a good faith effort to address the country's fiscal issues.
>> president obama released a budget that isn't a budget at all. it's a campaign document.
>> reporter: this is the heart of the argument you're going to hear between the two parties, not just in the battle for presidency, but battle in control of congress. we have a hard deadline at the end of this calendar year, the expiration of those bush tax cuts . something has actually got to budge this year or taxes could go up on everybody.
>> chuck todd at the white house tonight, thanks.