Obama offers $3.6 trillion deficit plan, would up taxes

WASHINGTON (Reuters) - President Barack Obama laid out a $3.6 trillion (2.29 trillion pounds) plan on Monday to cut U.S. budget deficits partly by raising taxes on the rich, but Republicans rejected it as a political stunt and made clear the proposal had little chance of becoming law.

Vowing to veto any plan that relies solely on spending cuts to reduce deficits, the Democratic president's recommendations set the stage for an ideological fight with Republicans opposed to tax increases that will stretch through Election Day 2012.