President Obama's budget plan for fiscal year 2014 is en route to Congress. Seeking to slash the deficit, it contains a mix of tax hikes on the wealthy and cuts to government programs—including entitlements—that is upsetting both sides of the aisle, the AP reports. "I have already met Republicans more than halfway," Obama said in Rose Garden remarks today, "so in the coming days and weeks I hope that Republicans will come forward and demonstrate that they're really as serious about the deficit and debt as they claim to be." An overview of what's in the "grand bargain" attempt:
- Deficit reduction of $4.3 trillion, by the White House's count, though that includes $1.8 trillion saved over the next decade. The deficit for the 2014 fiscal year beginning in October would drop to $744 billion, the smallest since 2008, according to administration projections. Still, that's bigger than the CBO-projected $616 billion, the Washington Post notes.