Obama Ready to Propose $1.5 Trillion Plan: McDonough

President Barack Obama is ready to work with Republicans to avoid automatic budget cuts that could cripple U.S. defense and programs vital to the middle class, White House Chief of Staff Denis McDonough said.

The president has a plan to reduce the deficit by $1.5 trillion, and Obama will insist that the changes happen in a “balanced way,” which includes revenue increases, McDonough said on ABC’s “This Week” program, one of three appearances he made on the Sunday morning news shows.