WASHINGTON — President Barack Obama will propose $1.5 trillion in new taxes as part of a plan to identify more than $3 trillion in long-term deficit reduction and slow the nation’s escalating national debt.

Obama’s tax plan is aimed predominantly at the wealthy and draws sharp contrasts with congressional Republicans.

It comes just days after House Speaker John Boehner ruled out tax increases to lower deficits. It also comes amid a clamor in his own Democratic Party for Obama to take a tougher stance against Republicans. And while the plan stands little chance of passing Congress, its populist pitch is one that the White House believes the public can support.

TULSA, Okla. — Sen. Jim Inhofe knew Gov. Rick Perry was running for president before Rick Perry did.

“I said to him, ‘Rick, I know you’ll deny it now, and you’re supposed to, but you’re going to end up running,” Inhofe recalls from a conversation with 14 months ago. “And when you are, just call me up and give me a little advance notice and I will do whatever you think I can do to be of some help to you.’”

Inhofe, who yesterday became the first United States senator to formally endorse a candidate the 2012 GOP primary, told NBC News during an interview in his Tulsa office that Perry’s gubernatorial experience, personal profile, and good looks made him a shoo-in to run even when the Texas governor seemed certain to turn down supporters begging him to jump in.

Texas Gov. Rick Perry offered the broad outlines of his foreign policy philosophy at an annual gathering of veterans Monday, telling attendees that he opposes “military adventurism” while also advocating for “taking the fight to the enemy” and decrying indecision by “multi-lateral debating societies” at times of international crisis.

“We must renew our commitment to taking the fight to the enemy wherever they are, before they strike at home. I do not believe that America should fall subject to a foreign policy of military adventurism,” he said at the annual convention of Veterans of Foreign Wars in San Antonio. “We should only risk shedding American blood and spending American treasure when our vital interests are threatened.”

AMES, IA — Minnesota Congresswoman Michele Bachmann had plenty to lose at today’s Ames Straw Poll, especially with Texas Gov. Rick Perry’s entry into the race — her front-runner status in Iowa, the buzz surrounding her campaign, and the momentum she’s had since announcing her presidential bid in June.

What her narrow straw-poll victory here over Ron Paul means: The buzz, momentum, and front-runner status doesn’t change. Indeed, Bachmann’s win wasn’t easy, given Paul’s strength in previous straw polls and given her late entry into the race.

NEW YORK (CNNMoney) — Despite all the heated rhetoric and the gloomy economic forecasts, most states will start the new fiscal year Friday with budgets in place.

But it looks likely that at least three states — Minnesota, Iowa and Massachusetts — could miss the deadline.

Lawmakers and governors in several states are racing to finish up their budget work before the clock strikes midnight. Some 46 states have fiscal years that end June 30.

Massachusetts will enter fiscal 2012 with no budget since legislators aren’t set to vote on a spending plan until Friday. However, the state can continue to operate under a 10-day stopgap budget.

The General Assembly passed the bill, which also eases restrictions on how guns can be transported in vehicles, in a 55-38 vote.

The state Senate, which had already passed a similar bill, passed a concurring measure by a 25-7 vote.

If Republican Gov. John Kasich signs the law residents will be able to bring concealed handguns into licensed establishments in the state, including shopping malls and sporting venues.

AUSTIN, Texas — Texas Gov. Rick Perry, the longest serving chief executive in the state’s history and a politician who has never lost an election, said Friday he will consider seeking the Republican nomination for president.

The outspoken conservative, who for months said he wasn’t interesting in running for the White House, said he will consider entering the race after the Texas Legislature adjourns Monday.

“I’m going to think about it,” Perry said. “I think about a lot of things.”

WASHINGTON — Congress approved $6 billion in spending cuts Thursday as part of legislation to keep the government running for three more weeks, a move that will give President Barack Obama and congressional leaders still more time to negotiate the massive gap between administration plans and the sweeping package of reductions demanded by Republicans.

MADISON, Wis. — Wisconsin Gov. Scott Walker on Friday formally notified state unions that he intends to lay off 1,500 workers, but affected employees may not see the notice for at least two weeks.

Walker’s spokesman, Chris Schrimpf, said that the unions have been notified and more details will come soon. The governor had said Thursday that he would send the notices because a bill eliminating collective bargaining rights from workers has yet to pass.

WASHINGTON — In a bid to win approval of a nuclear arms control treaty with Russia before newly energized Republicans increase their clout in the Senate, the Obama administration is offering to add billions of dollars in funding for the U.S. nuclear arsenal.

A congressional aide briefed on the proposed deal said White House officials outlined it to Republican Sen. Jon Kyl, who is seen as the key to winning enough support to ratify the New START treaty. The aide spoke on condition of anonymity because he was not authorized to comment.