President Barack Obama unveiled a $3.8 trillion budget for fiscal year 2013 that hikes taxes on the wealthiest Americans and spends new money on education and infrastructure.
On February 21, GOP Governor Chris Christie will present his spending plan for the next fiscal year. The Democratic chairmen of the Senate and Assembly Budget Committees have no clue what will be proposed, but they know what they'd like to hear.
The House has rejected a plan to extend a Social Security payroll tax cut for two months, and Republican members are instead demanding that the Senate return to negotiate an extension for the entire year.
The failure of a special deficit-reduction supercommittee sets up a year-end battle between President Barack Obama and a dysfunctional Congress over renewing a payroll tax cut and jobless benefits for millions.
Four prominent deficit-cutters are telling the bipartisan "supercommittee" of Congress that it has to reach a debt-reduction compromise that raises revenue and revamps benefit programs.