Van Hollen: Cut Defense Spending Or End Tax Loopholes

Maryland Democrat Chris Van Hollen is announcing that he's introducing legislation to unwind steep budget cuts that are slated for the federal budget through raising taxes on millionaires.

On Thursday, House Republicans will lead a heated fight to unwind steep budget cuts that are slated for the Pentagon. Even though many in their party agreed to the cuts as a part of a broader deal to cut the deficit, they now say the cuts are a bad idea that will hurt national security.

The GOP plan is to divert the Pentagon cuts by cutting social programs that many people rely on, which Rep. Van Hollen says is unfair. His new piece of legislation diverts the Pentagon cuts by ending tax cuts for the wealthy and undoing tax loopholes for the oil and gas industry.

"We're going to pose the very simple question: are you more interested in continuing to protect special interest tax loopholes and tax breaks for millionaires or protect Defense spending? And they'll have that choice," said Van Hollen.

This budget fight sets the stage for this year's elections, which are anticipated to focus on the economy and the national debt.