In a speech about his new budget, President Obama said that in order to "build an economy that lasts...we can't just cut our way to growth." Here's video of the whole thing:

And you can find the whole budget here. Here's NBC on the feature of the budget that will probably figure heavily in the 2012 campaign:

The Obama budget puts forward $1.5 trillion in new taxes, primarily by raising income tax rates at the end of this year for families making $250,000 or more per year.

Obama, as he has in the past, also proposed eliminating tax deductions the wealthy receive and requiring households making more than $1 million annually pay at least 30 percent of their income in taxes.

Obama would also impose a new $61 billion tax over 10 years on big banks aimed at recovering the costs of the financial bailout and providing money to help homeowners facing foreclosure on their homes. It would raise $41 billion over 10 years by eliminating tax breaks for oil, gas and coal companies and claims significant savings from ending the wars in Iraq and Afghanistan.

We've known this all along, but this is further proof that the election in November is going to come down to taxes on the wealthy, unless the Republicans can somehow turn it into a referendum on other people's birth control.