President Obama proposed $1.5 trillion deficit reduction plan in an attempt to tax the wealthy and shrink the national debt of the U.S. this Monday.

Obama counts himself in the pool of millionaires who he says needs "to pay their fair share."

"We can't just cut our way out of this hole. It's going to take a balanced approach," said Obama on Monday at the Rose Garden of the White House.

The proposal would cut $248 billion from Medicare growth within the next decade and $72 billion from Medicaid and other health programs.

The president does not deny that his plan will take a while, but insists it needs to be done.

"I will not support--I will not support--any plan that puts all the burden on closing our deficit on ordinary Americans," said Obama. "And I will veto any bill that changes benefits for those who rely on Medicare but does not raise serious revenues by asking the wealthiest Americans or biggest corporations to pay their fair share. We are not going to have a one-sided deal that hurts the folks who are most vulnerable."

Although the deficit appears to be thoroughly planned, Republicans are hesitant to stand by Obama's side. According to The Associated Press, Republicans disagree that increasing taxes would phase the nation's debt.

"Veto threats, a massive tax hike, phantom savings and punting on entitlement reform is not a recipe for economic or job growth--or even meaningful deficit reduction," said Kentucky Republican, Senator Mitch McConnell on Sunday while appearing on NBC's Meet the Press.

The idea of class warfare is not an issue that Obama is trying to start. He is fully aware that he is opposed by some Americans. Although the President is not receiving much support from government leaders, specifically those on the Republican side, polls have shown that many Americans are for the deficit plan.

Unless Republicans change their views regarding Obama's proposal, however, there is a small chance that it will become law.