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.





"We are not going to have a one-sided deal that hurts the folks that are most vulnerable," Obama said at the White House, offering a defense of tax hikes on the highest earners.





Spending cuts alone "will not solve our fiscal problems. We can't just cut our way out of this hole," he added. "It's going to take a balanced approach. If we're going to make spending cuts -- many of which we wouldn't make if we weren't facing such large budget deficits -- then it's only right that we ask everyone to pay their fair share."





Obama explicitly promised to veto any debt-reduction legislation that cuts benefits while failing to include higher taxes on the wealthy.





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"I will not support any plan that puts all the burden on ordinary Americans," he insisted.





Republicans responded by dismissing the plan as little more than a cheap political gimmick.





It's "a thinly veiled attempt to score political points," said Republican National Committee Chairman Reince Priebus. "By raising taxes on job creators, Obama may win back some support from disgruntled liberal voters, but America will lose even more sorely needed jobs."





"Veto threats, a massive tax hike, phantom savings and punting on entitlement reform is not a recipe for economic or job growth â€” or even meaningful deficit reduction," said Senate Minority Leader Mitch McConnell, R-Kentucky.





"Pitting one group of Americans against another is not leadership," added House Speaker John Boehner, R-Ohio.





Key congressional Democrats quickly rallied to Obama's defense, calling the blueprint a serious attempt to take on one of the most contentious issues in Washington.





The "proposal is clearly moving in the right direction," said North Dakota Sen. Kent Conrad, chairman of the Senate Budget Committee. "It represents a significant and balanced plan for bringing our deficits and debt under control."





On Monday night, Obama referred to the Republican response as predictable and said the issue shows the fundamental difference between the parties on how the nation should deal with mounting federal deficits and national debt.





"What has been clear over the last two and a half years is that we have not had a willing partner," Obama told a New York fundraising event.





"Now, we've been able to get some stuff done despite that, and despite a filibuster in the Senate. But at least over the last nine months what we've seen is some irreconcilable differences, let's put it that way."





The release of Obama's blueprint is likely to set the stage for a fall dominated by harsh partisan debates over taxes and spending, as well as a 2012 presidential campaign focused on growing economic fears.





Under Obama's plan, $800 billion in revenue would be generated by allowing some of the Bush-era tax cuts for high-income households to expire, as the president has repeatedly called for. An additional $400 billion would result from capping the value of itemized deductions and other exemptions for high-income households.





Read the White House plan (PDF)





The remaining $300 billion would come from closing various tax loopholes, according to a senior administration official.





A new tax surcharge could also be imposed on millionaires: the "Buffett Rule,"
The plan calls for $1.5 trillion in what? how many savings would be realized by ending wars in Iraq, Afghanistan?
new revenue $3 trillion
question: The plan calls for $1.5 trillion in what?, answer: new revenue | question: how many savings would be realized by ending wars in Iraq, Afghanistan?, answer: $3 trillion