Republican House Budget Chairman Paul Ryan unveiled Tuesday a budget that proposes to eliminate the annual deficit by 2023.
Ryan's budget touts less spending, lower tax rates and doing away with Obamacare.
On Wednesday, Democratic Senate Budget Chairman Patty Murray will put out her own 2014 proposal that is expected to contrast sharply with Ryan's. Both budgets proposals are viewed by both sides of the aisle as dead on arrival.
Officials from the Obama administration say the president is likely to release his budget in April, two months after the deadline required by law for the president to submit his budget to congress. White House officials cite the battles over the fiscal cliff and sequestration as the reason for the delay.
OutFront tonight: Republican congressman Peter King of New York.