WASHINGTON (AP) — The House and Senate are ready to vote on legislation cutting almost $40 billion from the budget for the current year, but President Barack Obama and his GOP rivals are both eager to move on to multiyear fiscal plans that cut trillions instead of billions.

Lawmakers were to vote Thursday on a long-overdue spending measure funding the day-to-day budgets of federal agencies through September. Later in the day, Republicans dominating the House will launch debate on a 2012-and-beyond plan that promises to cut the long-term budget blueprint Obama laid out in February by more than $6 trillion.

Obama countered Wednesday with a new call to increase taxes on wealthier people and impose quicker cuts to Medicare, launching a roiling debate in Congress and the 2012 presidential campaign to come.