U.S. President Barack Obama is proposing higher taxes on the wealthy, cuts in some social programs and less military spending, in a renewed effort to reduce the federal budget deficit and debt.

Monday’s proposal calls for $1.5 trillion in new tax revenue, including a proposal to ensure individuals earning more than $1 million a year are taxed at the same overall rate as middle-income Americans.

The president’s proposal is in addition to a $447 billion job-creation plan designed to cut the high unemployment rate.

His proposals are facing criticism in Congress. The Republican Party, which controls the House of Representatives, opposes tax increases. House Speaker John Boehner wants a broad overhaul of the U.S. tax code and cuts in government pension and health care programs for the elderly and poor, such as Social Security and Medicare.

Other Republican leaders say raising taxes on the wealthy and corporations will reduce investment and hurt economic growth.

The president’s efforts come as a special Congressional committee begins searching for ways to reduce the budget deficit.

Political analysts say the president’s plan has little chance of passing unchanged, but is meant to draw contrasts between Mr. Obama and Republicans. Republicans are already calling the tax plan “class warfare.”

The plan is said to include no changes to Social Security and no change to Medicare age requirements .

Public approval ratings for President Obama and Congress have been plummeting, increasing pressure on both sides to cooperate on ways to revive the economy and cut the deficit.