President to take deficit strategy to the people

President Barack Obama is taking a new approach to working with Republicans to reduce the budget deficit.

President Barack Obama is taking a new approach to working with Republicans to reduce the budget deficit.

In addition to meeting with lawmakers on both sides of the aisle in closed-door sessions, his administration is planning to launch a public affairs campaign to rally support for a deficit-cutting plan that combines tax increases on the wealthy with spending cuts.

Another part of the White House's outreach will involve meeting with corporate executives and using the coalitions they've created to push for a budget compromise.

One such group, Fix the Debt, has brought together the CEOs of more than 80 US corporations, such as Delta Airlines, Goldman Sachs, and Microsoft, to urge Congress to pass legislation to reduce the federal deficit. Campaign organizers have raised more than $30 million to boost awareness.

The Obama administration wants about $1.5 trillion in new taxes over 10 years, which it hopes to get mostly from the wealthy.

Some Republicans seem to have warmed up to the idea of raising taxes on the wealthy since last Tuesday's election.

Sen. Bob Corker (R-TN) told Fox News Sunday that he thought collecting more taxes from the nation's wealthiest should be part of the mix -- but only by closing tax loopholes, not by increasing tax rates as Obama proposes, and only if Democrats agree to cut federal spending.

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