Washington (CNN) -- President Barack Obama released his long-awaited debt reduction plan Monday, outlining a roughly $3 trillion savings blueprint that was immediately criticized by top congressional and other Republicans. The president's plan includes $1.5 trillion in new revenue generated largely by higher taxes on the wealthiest Americans, a proposal strongly opposed by GOP leaders who insist that any tax increase will undermine an already shaky economy. The measure -- which would add to nearly $1 trillion in savings signed into law under the debt-ceiling deal enacted in August -- does not include changes to Social Security. It would increase Medicare premiums for individuals with higher incomes starting in 2017 -- the year Obama leaves office if he wins a second term.
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NEW: Obama cites "irreconcilable differences" with Republicans
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The plan calls for $1.5 trillion in new taxes, including a tax surcharge on millionaires
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Over $1 trillion in savings would be realized by ending wars in Iraq, Afghanistan
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GOP leaders call the new taxes a form of class warfare
"By raising taxes on job creators, Obama may win back some support from disgruntled liberal voters, but @placeholder will lose even more sorely needed jobs."