House Republicans and Senate Democrats are rolling out their budget proposals this week as the two political parties lay down markers for what is expected to be a prolonged fight over taxes and spending. President Barack Obama has not yet released his budget proposal, but the White House says he is likely to offer one in early April.
Legislation passed by Congress over the past two years will reduce deficits by roughly $2.4 trillion over the next decade — two-thirds from spending cuts and one-third from more taxes. All the plans, however, would replace recently enacted across-the-board spending cuts known as the sequester with cuts that are more targeted.
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