Obama, House Republicans move toward austerity

Copies of U.S. President Barack Obama's budget proposal for 2014 are seen in stacks at the Government Printing Office on April 8, 2013 in Washington, DC.

President Obama unveiled his budget proposal today, which includes tax increases on the wealthy as well as cuts to social security.

David Kelly, chief global strategist at JP Morgan Funds, joins Marketplace Morning Report host Jeremy Hobson to explain Obama's proposed budget and how it differs from House Republican plans.

About the author

Jeremy Hobson is host of Marketplace Morning Report, where he looks at business news from a global perspective to prepare listeners for the day ahead.

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