While Obama plans on increasing the deficit by $1.2 trillion, House Republicans looking at a cut of $4 trillion

After already adding trillions to the deficit Obama plans another $10 trillion over the next decade.

Federal debt held by the public would double under the President's budget, growing from $10.4 trillion (69 percent of GDP) at the end of 2011 to $20.8 trillion (87 percent of GDP) at the end of 2021. . . .

Of course, Obama's newest budget plans will increase debt by $1.2 trillion, not cut it by $1.1 trillion as the president claims. Republicans plan on offering a more than $4 trillion cut in spending. That still means a huge increase in debt, but it at least equals the amount offered by the President's Debt Commission.

WALLACE: Let's start with the big picture, President Obama's budget for 2012, for the next fiscal year that starts next October, calls for a five-year freeze on nondefense discretionary spending he says would save $400 billion. No addressing of entitlements. How is your budget different?
RYAN: His freeze locks in very high spending levels. It's really more of a floor to gain (ph) -- with 24 percent increase in discretionary spending. If we go to 2008 levels, we'd get another $400 billion on top of that over the next 10 years.
Nothing on entitlements. He does nothing to address the drivers of our debt. The public debt will double in his first term and triple by the end of his budget. He adds $13 trillion more to our debt.
He's punting on the budget and not doing a thing to prevent a debt crisis, which every single economist tells us is coming sooner rather than later in this country. We will address these issues.
WALLACE: All right, let's talk about your budget. Widely reported that your budget will cut spending by $2 trillion over the next decade. True?
RYAN: Well, it's more than that, quite a bit more than that.
WALLACE: Three trillion?
RYAN: More than that.
WALLACE: Four trillion?
RYAN: We're looking at more than that right now. We're fine- tuning our numbers with the Congressional Budget Office literally today, over the weekend. But we're going to be cutting a lot more than that. . . .

Meanwhile, Senator Chuck Schumer keeps calling the tiny $61 billion in cuts that the House Republicans are calling for "extreme."

Democratic Sen. Charles Schumer on Sunday stood by his characterization of the Tea Party movement as "extreme" -- though he was overheard on a conference call last week describing the term as a political talking point.
The New York senator, speaking on ABC's "This Week," reiterated his claim that the Tea Party is "standing in the way" of a compromise between Republicans and Democrats over a budget for the remainder of the fiscal year.
"The American people are seeing the Tea Party for what it is -- extreme," Schumer said.
He was then asked about an incident last week when, before a conference call with reporters was set to start, he was overhead telling others on the call that he uses the word "extreme" because "that's what the caucus instructed me to do the other week."
Schumer said he has no regrets.
"I have no problem with reporters hearing that," Schumer said. "The Tea Party is the group standing in the way. ... I believe they're extreme." . . .

And Boehner is standing firm on the budget cuts.

“Now, you’ve heard Democratic leaders claim an agreement has been reached on this issue, but let me be clear. There is no agreement. Republicans continue to fight for the largest spending cuts possible to help end Washington’s job-crushing spending binge.

“To support job creation in America, we need to keep the cuts coming, and we need to do much, much more. That’s why it’s important for Congress to get moving and pass a final bill that resolves last year’s budget mess while making real spending cuts – so we can tackle the bigger challenges facing job creation.” . . .