10 things you need to know today: February 13, 2012

Obama introduces his budget, Adele wins big, and more in our roundup of the stories that are making news and driving opinion

President Obama's 2013 budget includes taxes on the rich and a hefty tax on big banks.
(Image credit: Brendan Hoffman/Corbis)

1. OBAMA UNVEILS HIS 2013 BUDGET

President Obama will send Congress his 2013 budget proposal on Monday. It aims to cut the deficit by $4 trillion over the next ten years by increasing taxes on the wealthy, slashing spending, and imposing a new $61 billion tax on big banks over the next decade to offset the cost of the financial bailout. The proposal is expected to trigger an election-year battle with Republicans, who oppose the tax hikes and want deeper spending cuts. [Associated Press]

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