President Barack Obama is proposing $1.5 trillion in new taxes as part of his plan to reduce the nation's deficit. The tax plan targets the wealthy and includes a proposal to set a minimum tax on people making $1 million or more.

Over the weekend, House Speaker John Boehner ruled out any tax increases as Congress works on its own deficit reduction plan. GOP Rep. Paul Ryan, of Wisconsin, called the plan "class warfare" and said that while it might make for good politics, it made "rotten economics."

Greek debt woes: U.S. and European markets showed more volatility on Monday as investors worry another bailout for Greece wouldn't be approved in time to keep the troubled country from running out of cash. European finance ministers say they will wait until October to approve any more money for Greece, which already received a bailout earlier this year.

For more on the Greek financial crisis, listen to today's This Is News, from WORLD Magazine.

Plane crash: Investigators are still trying to figure out what caused a WWII-era P-51 Mustang to crash at a Nevada air race, which sends planes around in circles like race cars, killing the pilot and seven others. Emergency crews transported 69 people to area hospitals. Investigators are focusing on modifications pilot Jimmy Leeward made the to plan to improve its speed.

More changes at Netflix: The well-known DVD-by-mail rental service announced today that it would split its rental and streaming services into two separate companies. The streaming service will retain the Netflix name. The DVD service now will be known as Qwikster.

The Emmys: Popular comedy "Modern Family" cleaned up at last night's Emmy Awards, taking home five awards. The show, which features a gay couple, won awards for best show, best direction and best writing. The biggest surprise of the night came when "Friday Night Lights" leading man Kyle Chandler was selected for best actor. For weeks, commentators speculated the award would go to the star from either "Mad Men" or "House."

The Associated Press contributed to this report.