President Obama is preparing to formally propose cuts to Social Security and Medicare in his latest budget. The New York Times reports Obama will unveil a plan next week that mirrors the offer he made to House Speaker John Boehner late last year. The Obama budget endorses a new formula that will reduce cost-of-living benefits under Social Security, known as a chained CPI, as well as other benefit cuts sought by Republicans. In return, Obama would seek Republican backing for new taxes on the wealthy and money for investing in infrastructure.