There isn't anything definite at this point, but this is a huge announcement that could further decrease this president's approval rating. To me, it seems like this was the plan all along, if people would have listened. You can't expand government this much, borrow and spend with all these bailouts and new programs and expect not to pay for it. This administration is great at telling us how we need something immediately but is also great at skirting the question of how it is paid for...along with their sketchy economic estimates and predictions.
If you vote for a liberal democrat, you will get bigger government, more gov programs and a larger % of your $ going to pay for them (in direct or indirect taxation). These are their general principles, no matter how its disguised.
With a republican, I'm not sure what you get. With a true conservative, you should get smaller gov, the ability to make more personal decisions and less of your $ going to the gov.