Washington --

Drawing a bright line with congressional Republicans, President Obama today will propose $1.5 trillion in new tax revenue as part of his long-term deficit reduction plan, according to senior administration officials.

The president will announce a plan that includes repeal of Bush-era tax cuts for the wealthiest taxpayers, nearly $250 billion in reductions in Medicare spending, $330 billion in cuts in other mandatory benefit programs, and savings of $1 trillion from the withdrawal of troops from Iraq and Afghanistan, the officials said.

The plan includes no changes in Social Security and does not include an increase in the Medicare eligibility age, which the president had considered this summer.

The president's plan is as much an opening bid as it is a political statement designed to draw contrasts with Republicans, who control the House of Representatives.

The new taxes in particular have little or no chance of passing Congress as proposed. On Sunday, Republicans responded with vitriol to one of the tax proposals - a plan to create a special tax for millionaires. The measure is designed to compel the wealthiest Americans to pay the same share of income in taxes as middle-class families.

"Class warfare may make for really good politics, but it makes for rotten economics," Rep. Paul Ryan, R-Wis., chairman of the House Budget Committee, said on "Fox News Sunday."

Key features of the proposal:

-- $1.5 trillion in new revenue, which would include about $800 billion realized over 10 years from repealing the Bush-era tax rates for couples making more than $250,000. It also would place limits on deductions for wealthy filers and end certain corporate loopholes and subsidies for oil and gas companies.

-- $580 billion in cuts in mandatory benefit programs, including $248 billion in Medicare and $72 billion in Medicaid and other health programs. Other mandatory benefit programs include farm subsidies.

By adding about $1 trillion in spending cuts already enacted by Congress and counting about $1 trillion in savings from the drawdown of military forces from Iraq and Afghanistan, the combined deficit reduction would total more than $4 trillion over 10 years, senior administration officials said.

The deficit-reduction plan represents an economic bookend to the $447 billion in tax cuts and new public works spending that Obama has proposed as a short-term measure to stimulate the economy and create jobs. He's submitting his deficit-fighting plan to a special joint committee of Congress that is charged with recommending how to reduce deficits by $1.2 trillion to $1.5 trillion over 10 years.

The Washington Post contributed to this report.