When will we hear about the $6.3bn of spending cuts?
After two years of record deficits, the US is preparing to cut $6bn in spending over the next two years as part of a broader deficit-reduction plan.
The budget unveiled on Wednesday includes a plan to cut the size of the budget deficit to $3.1 trillion over the decade from $3,857bn, and the first phase of the plan calls for $5bn in savings over the first six months of the year, with a goal to cut spending by $1.5bn over the course of the next year.
It also includes a $5 billion budget boost for state and local governments.
The US Treasury has previously estimated that this will add $7.5 billion to the deficit.
A key part of the fiscal plan will be to cut federal spending by about $1 trillion, or 15% of GDP, the Budget Control Act (BCA) stipulates.
This means cutting a lot of discretionary spending in the US and spending on social security, welfare and retirement security.
But the Budget Committee also wants to cut taxes.
While the budget does not explicitly propose eliminating Social Security, its plan to slash federal spending on Medicare and Medicaid, which both account for nearly a quarter of the US economy, would likely be an easy sell.
This will allow Congress to pass a plan that will allow Americans to continue receiving their retirement benefits, which are scheduled to run out at the end of the decade.
It also gives Congress the option to expand the program and allow people to earn more money if they have a job, such as for childcare.
The US has the third-highest debt per capita in the world, after the US, China and Japan, and has been forced to borrow more money than most nations.
It has the highest unemployment rate in the developed world.