NEW : The White House urges Republicans to favor the middle class over tax loopholes . Spending cuts will hurt homeland security . The plan raises taxes on millionaires , cuts farm subsidies and cuts government spending . An aide to President Mitch McConnell says Republicans oppose higher taxes . Spending caps to take effect January 1 absent congressional action to avert them .
NEW : The White House urges Republicans to favor the middle class over tax loopholes . The plan raises taxes on millionaires , cuts farm subsidies and cuts government spending . An aide to President Mitch McConnell says Republicans oppose higher taxes . Spending caps to take effect January 1 absent congressional action to avert them .