Budget

UPDATE at 11:05 a.m. ET: Obama: Growing Economy, Shrinking Deficits Both Possible

President Obama unveiled his 2014 budget proposal Wednesday, calling it a "fiscally responsible blueprint" that can help grow the economy and shrink deficits.

The president said his plan addresses the debate about how to expand the economy while reducing government red ink: "This budget answers that argument because we can do both," he said at the Rose Garden.

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The budget President Obama will send to Congress Wednesday is expected to include some $400 billion in reductions to Medicare and other health programs.

And if the word around Washington is correct, it may also include a proposal aimed at winning some bipartisan backing — by changing the way Medicare patients pay for their care.

Congress returns from a two-week recess amid reports that a gun deal in the Senate may have gained late momentum; a focus on immigration to include a rally on Capitol Hill; and a budget proposal from President Obama that already has some in his own party fuming.

Here's what's happening on key issues this week:

Few things indicate a president no longer needs to worry about re-election more than his willingness to ignite an intraparty firestorm.

There's breaking budget news from several places this morning:

-- "President Obama next week will take the political risk of formally proposing cuts to Social Security and Medicare in his annual budget in an effort to demonstrate his willingness to compromise with Republicans and revive prospects for a long-term deficit-reduction deal, administration officials say." (The New York Times)

State lawmakers are in the middle of debating the annual budget. And even though there’s more money than last year, Republicans are not happy with what’s known as the ‘long’ bill.

woodleywonderworks / Flickr Commons

Next year’s spending plan cleared the Senate this week with $1.3 million allocated for the Colorado Office of Film Television & Media. That’s not even half what the department received last year.

KUNC File Photo

There’s only one absolute requirement for Colorado lawmakers at the capitol. During the annual legislative session they must pass a budget.

Does the budget bill passed by Congress this week derail the United States Postal Service (USPS) plan to end Saturday delivery of first class mail?

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