Obama proposal
The plan: President Obama's 2014 budget proposes spending cuts and revenue increases that would result in $1.8 trillion in deficit reductions over 10 years. That figure would replace $1.2 trillion in automatic spending cuts that are poised to take effect over the next 10 years, thus delivering a net increase in deficit reduction of $600 billion.
Deficit reduction: Counting reductions and higher taxes that Congress and Obama have approved since 2011, the 2014 budget would contribute to $4.3 trillion in total deficit reduction by 2023.
Entitlements: A key feature is a revised inflation adjustment called "chained CPI." This new formula would effectively curb annual increases in a broad swath of government programs but would have its biggest impact on Social Security. His proposed changes would mean a cut in Social Security benefits of nearly $1,000 a year for an average 85-year-old, smaller cuts for younger retirees.
Tax revenue: It calls for additional tax revenue, primarily by placing a 28 percent cap on deductions and other tax exclusions. That plan would affect wealthy taxpayers as would a new administration proposal to place limits on tax-preferred retirement accounts for millionaires and billionaires.
Senate Democrats
The plan: Senate Democrats propose raising nearly $1 trillion in new taxes and cutting $1 trillion from projected spending. The plan would add $5.2 trillion to the federal deficit over 10 years, about $1.8 trillion less than currently projected.
Deficit reduction: Senate budget chief Patty Murray estimates it would reduce deficits by a total of $1.85 trillion over 10 years, putting the deficit at $566 billion in 2023. About $960 billion of that is intended to replace the automatic cuts that went into effect on March 1.
Entitlements and spending: Most Democrats reject cuts to Social Security and Medicare benefits. Their plan seeks to reduce projected spending by an estimated $975 billion — $493 billion in domestic spending; $240 billion in defense spending; and $242 billion in interest savings. Overall, it would increase spending by 4.7 percent a year. It would include a $100 billion stimulus for road and bridge repairs, as well as worker training.