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Obama Talks Budget Proposal In Weekly Address

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Facing criticism from both sides, President Barack Obama touted the upcoming release of his 2014 budget in his weekly address.

The president said the plan is a compromise.

It would add $580 billion in new taxes, which Republicans oppose, while reforming entitlements, including social security, drawing criticism from Democrats.

"It's a budget that doesn't spend beyond our means, and it's a budget that doesn't make harsh and unnecessary cuts that only serve to slow our economy," the president said. "We'll keep our promise to an aging generation by shoring up Medicare, and we'll keep our promise to the next generation by investing in the fundamentals that have always made America strong - manufacturing, innovation, energy and education."

The proposed spending cuts and revenue increases would amount to $1.8 trillion in deficit reductions over 10 years.

The president will release the full plan Wednesday.

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