Tax Proposals in the 2011 Budget: What's In It for You?

"While spending is going up, taxes are going up even faster. Taxes on Americans will increase by over $400 billion -- nearly 20 percent -- next year alone, with no improvement in sight. Does anyone truly believe this is a good time to raise taxes on job creators, or anyone else?" Senate Minority Leader Mitch McConnell, R-Ky., said in a statement.

McConnell pointed to the interest on the federal debt, which is expected to be nearly $6 trillion over the next 10 years, and rack up to $600 billion dollars in interest every year.

"That's an astonishing number," McConnell said.

House Minority Leader John Boehner, R-Ohio, said the budget taxes too much. The Republican rhetoric indicates that a tough fight could be ahead for the White House, which is standing by its proposals.

"One of the things that I think you'll hear this president and this economic team saying is, 'If you don't like a certain proposal that helps us restore us to fiscal discipline, what is your alternative as opposed to just saying no?'" a senior administration official told ABC News.

Experts say the president's budget proposal doesn't carry any big surprises and he's keeping with the promises he made during his campaign and as president.

"He seems to have kept most of the things that would help lower income and middle income individuals, but as he said ... even in the campaign, he's looking at the people who are not quite as needy," Ochsenschlager said. "My reaction is he's on track for his promises."

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