President Obama proposes wealthy Americans pay higher taxes

President Obama released a plan which could mean the rich may be paying more taxes, that's if Congress approves his deficit reduction plan. The President proposed raising taxes on the wealthy and trimming some mandatory programs in a plan expected to reduce the national deficit by about two-trillion dollars over ten years. University of Florida Economist David Denslow says the plan may not be the solution many hope for.

Denslow says the plan will raise some funds but he doesn't believe reducing the deficit is the main purpose.

Santa Fe College Political Science Professor Richard Buckner says he does not believe Congress will approve the plan.

Republican members of Congress have already expressed opposition to the President's plan.