11 Apr 2013

US president reveals budget plan

2:36 pm on 11 April 2013

US president Barack Obama has unveiled a $US3.77 trillion budget that proposes fresh taxes on the wealthy along with cuts to benefit programmes.

The White House is offering to trim pensions and healthcare costs, but only in return for $US700 billion in new revenue.

However, the Obama plan is viewed as having no chance of being fully enacted by the deadlocked Congress, the BBC reports.

Republican Senate leader Mitch McConnell branded the budget a left-wing wish list.

Conservatives have refused to agree to new revenue after passing tax rises on earnings over $US400,000 in January.