Yikes!

Via The Hill:

President Obama will push Republicans to accept a deficit reduction plan that includes $1.6 trillion in extra tax revenue over the next ten years, double the number he had previously been pushing, according to multiple outlets.

In 2011, Obama tried to get Republicans to accept a deal that included $800 billion in additional revenue. The president plans to push the $1.6 trillion in added revenue Friday during an early meeting with legislators on a deficit reduction plan.

Since winning reelection Obama has made avoiding automatic tax revenue increases and spending cuts, which take place in early 2013 if a deficit reduction compromise isn’t made, a top priority.

On Tuesday the president met privately with a number of union leaders and liberal activists to discuss a plan. In the meeting Obama reportedly promised to make good on his previous vow to allow the Bush-era tax rates for some of the wealthiest Americans to expire.