The Foundry has a lot of possibilities.  A few:  Regarding the President’s plan,

# Blames Bush: President Obama correctly points out that he inherited a projected $1.2 trillion deficit in 2009 from President Bush and a Democratic Congress. However, his budget adds an additional $659 billion to that deficit, pushing it above $1.8 trillion. Although Obama has pledged to reduce the budget deficit to approximately $600 billion by 2012, that would still be $150 billion above pre-recession levels. Quadrupling the deficit and then cutting it in half is not “change.”

# Increases Spending, Again: After an $800 billion stimulus bill, the Obama budget increases spending by $1 trillion over 10 years, includes an additional $250 billion placeholder for another bailout, and calls for a Pay-As-You-Go (PAYGO) law while astonishingly violating that rule by $3.4 trillion.

# Expands Government: The 25% spending increase in the Obama budget represents the largest non-war government expansion since the New Deal.

On taxes,

# Energy Taxes: The Obama budget proposes a $646 billion cap-and-trade tax that White House officials admit could actually generate $1.9 trillion in tax revenue over eight years. This tax would cost each American household between $650 and $2,000 annually in new energy costs, even though President Obama promised that “electricity rates would necessarily skyrocket” under this cap-and-trade program (January 2008).

#Death Taxes: The estate tax is set to expire in 2010, but the Obama budget and liberals in Congress are proposing keeping it between 35 and 45%.

The post also points out existing alternative plans.  You should read the whole thing.