GOP Candidates Spurn Obama's Deficit Plan

Republican presidential candidates are criticizing President Barack Obama’s new $3 trillion budget deficit reduction plan, especially its inclusion of $1.5 trillion in tax increases, The Hill reports.

The plan represents a "bait and switch that offers more than $1 trillion in higher taxes for a promise of temporary tax relief," said Texas Gov. Rick Perry. “The president penalizes investment when it is needed most, discourages charitable giving and doubles down on a failed government stimulus strategy.”

Former Massachusetts Gov. Mitt Romney predicted that the proposal "will have a crushing impact on economic growth. Higher taxes mean fewer jobs — it’s that simple."

Rep. Michele Bachmann decried Obama's plan as a gimmick.

Former Utah Gov. Jon Huntsman labeled the plan “deeply misguided.”

Businessman Herman Cain called is “class warfare.”

And Rep. Ron Paul said the program would level a "fatal broadside" to the economy.