By Zeke Miller

The White House announced today that it is seeking to raise $600 billion in revenue through new taxes and the elimination of corporate subsidies as part of a deal to lower the deficit and raise the debt ceiling.

President Barack Obama is trying to ensure that any spending cuts agreed to are also offset by tax increases — something Republicans have said they will oppose at all costs.

White House Spokesman Jay Carney echoed the calls of many Democratic legislators, saying any deal must include tax hikes or the elimination of subsidies, setting the stage for a showdown with Republicans over the next five weeks.

"It's the only way to get it done," he said.

Here's the list of proposed changes from The Associated Press.

  • End some subsidies for oil and gas companies.
  • Tax private equity or hedge fund managers at higher income tax rates instead of lower capital gains rates.
  • Limit itemized deductions for the nation's highest earners.
  • Change the depreciation formula for corporate jets.
  • Repeal tax benefit for an inventory accounting practice used by many manufacturers.

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