A proposal that rich Americans and corporations bear the brunt of paying off much of the federal deficit is catching fire as liberals and progressives are urging President Obama not to give in to GOP demands that no taxes be considered in the talks to boost the deficit ceiling. [Read the U.S. News debate: Should Congress raise the debt limit?]

A letter to Obama posted on Sen. Bernie Sanders' Web site already has 4,500 signatures and that is expected to surge after he addresses the issue in a late afternoon Senate floor speech today.

"Mr. President, please listen to the overwhelming majority of the American people who believe that deficit reduction must be about shared sacrifice. The wealthiest Americans and the most profitable corporations in this country must pay their fair share," the Vermont Independent urges.

"At least 50 percent of any deficit reduction package must come from revenue raised by ending tax breaks for the wealthy and eliminating tax loopholes that benefit large, profitable corporations and Wall Street financial institutions. A sensible deficit reduction package must also include significant cuts to unnecessary and wasteful Pentagon spending."

Republicans have rejected new taxes as part of an agreement to trim the deficit and offset the $2.4 trillion boost in the national debt ceiling.

Below is the whole letter to Obama:

