President Obama Reveals New 10-Year, $3.78 Trillion Spending Plan (READ IT)

United States President Barack Obama released his new 10-year budget plan Wednesday, according to the Washington Post.

The new plan warrants almost $250 billion in spending for jobs, expanded pre-school education, and public works. The budget also includes $800 billion in new taxes. In what might be an incentive to make people quit smoking, the plan also adds an additional 94 cents to the cost of a pack of cigarettes.

The budget calls for $50 billion allotted to the public works and $77 billion for public pre-schools across the country. The federal cigarette tax will rise from the current $1.01 to almost two dollars at $1.95 a pack.

The president is also attempting to reach across the aisle with the proposed budget. The plan cuts $1 trillion in from various federal programs including Social Security. With this latest move, Obama is making an effort to get Republican law makers on board with the new budget proposal.

Obama believes his budget shows “a fiscally responsible blueprint for middle-class jobs and growth."

“Our economy is poised for progress, as long as Washington doesn't get in the way,” he said.

Obama also discussed efforts he’s made to compromise with members of the GOP.

“When it comes to deficit reduction, I’ve already met Republicans more than halfway,” he said. “The numbers work. There’s not a lot of smoke and mirrors in here.”

Funding the new plans, such as nationwide public pre-school and a new public works initiative, will be covered largely through a decrease in spending among other ways of generating new revenue. For example, the proposed budget puts the cap on individual retirement accounts at $3 million.

Obama is also looking to do away with the sequester and put $1.8 trillion in new policies in its place. The U.S. is has been facing $1.2 trillion in cuts because of the sequester since March 1.

The plan has already drawn doubts from both Republicans and Democrats. However, Obama is determined to get a deal done. He also remains adamant that he will not “finish the job of deficit reduction on the backs of middle class families or through spending cuts alone that actually hurt our economy short term.”