How Obama's Budget Proposal May Increase Your Taxes Next Year

With new faces in Congress, President Obama knows his $3.73 trillion budget will be a hard sell. That's why he took his message to the airwaves this week, making TV appearances and issuing statements calling for "tough choices and sacrifices."

A top priority of Obama's budget plan is to hack away at the deficit, cutting it by $1.1 trillion over the next decade. Americans are concerned about the deficit -- since 2002, we've managed to dig a hole worth $1.65 trillion, an all-time record. That figure is so huge, it represents more in deficit spending than we currently have dollars circulating.

But Americans are also concerned about how they might be paying down the deficit via their taxes.