(FOXNEWS) — President Obama is sending Congress an ambitious budget plan Monday that includes a half-trillion-dollar public works program and an array of tax increases meant to fund a host of other agenda items — in what Republicans are ripping as a tax-and-spend document that does little to restrain the soaring $18 trillion debt.

The president’s $4 trillion budget hinges on what Obama calls “middle-class economics,” seeking tax breaks for many Americans while imposing increases on top earners, corporations and particularly the financial sector.

But House Ways and Means Committee Chairman Paul Ryan has accused the president of exploiting “envy economics.”

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