On Wednesday, President Obama released his $3.77 trillion budget proposal for fiscal year 2014, which would raise taxes on higher-income individuals and cut spending on health care programs by $400 billion, the Los Angeles Times' "Politics Now" reports. Obama's FY 2014 spending blueprint joins rival proposals drafted by House Budget Committee Chair Paul Ryan (R-Wis.) and Senate Budget Committee Chair Patty Murray (D-Wash.) as Congress prepares to enter negotiations this summer on how to reduce the national debt (Hennessey, "Politics Now," Los Angeles Times, 4/10).
