President Obama this week will unveil a new long-term deficit-reduction proposal that touches on the Bush tax cuts and entitlement spending, White House senior adviser David Plouffe said Sunday.

Plouffe blasted the House GOP budget for lowering taxes for the wealthy while making significant reductions in Medicare and Medicaid spending.

“The president believes this has to be a balanced approach,” Plouffe said on Fox News Sunday.

However, Republicans have criticized the White House for punting on Medicare and Medicaid reforms in the 2012 budget it released in February.

Plouffe said the plan will take on the Bush tax cuts, which Congress voted to extend in the December lame-duck session. House Majority Leader Eric Cantor (R-Va.), who appeared later in the show, said the White House is trying to defend the extension of the tax cuts while paring them back.

“They’re insistent we have to raise taxes again,” Cantor said.