[caption id="attachment_95396" align="alignleft" width="150" caption="Obama's budget plan would cut spending by $2.50 for every $1 in extra taxes it seeks."][/caption]

The new budget that President Barack Obama is sending to Congress aims to achieve $4 trillion in deficit reduction over the next decade by restraining government spending and raising taxes on the wealthy. To help a weak economy, however, Obama's proposal requests modest increases in funding for education and transportation.

While administration officials on Feb. 12 defended the plan as a balanced approach, Republicans belittled the effort as a repeat of failed policies that...

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