This week starts out with a bang as the President Plans to address the deficit with a new $1.5 Trillion tax plan. The inspiration behind this plan? Warren Buffet. Tune in at 10:30 AM EDT to see the President speak.

As of 10:54 AM Congress, and the public still waits on Obama’s speech and plan to reduce the deficit.

Live Streaming Video of Obama’s Approach to Reducing Deficit

Obama Puts Out A Plan, Will Republicans Agree?

Obama is set to announce a plan that will circulate around a $1.5 trillion new tax package. Republicans have been pushing to avoid tax hikes by pushing long-term savings and therefor not expected to be in high support of this new plan.

Of course a speedy solution is important, if even possible, but its crucial that government value this issue at the top of things to fix and improve. The stock market has shown much volatility over the past year because of growing concern over the debt crisis. The volatility is not expected to resolve itself in the next few weeks, due to investors waiting on a promising solution.

The “Buffet Rule” Higher Taxes for Millionaires

After Warren Buffet revealed that he was paying lower taxes than his secretary, politicians took notice. This rule will target the wealthiest 0.3% of the country and will be one of the main talking points of the upcoming speech.

It is not expected that this plan will win over Congress. What do you think about Obama’s plan to reduce the deficit?

Marina Shifrin

Marina is a staff writer for She is an expert in college finances, consumer spending and banking.