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Real News Team Breaks Down Ryan and Murray Budgets Introduced This Week

Committee Chairman Rep. Paul Ryan (R-WI) holds up a copy of Congressional Budget Office's "The Budget and Economic Outlook: Fiscal Years 2011 to 2021" during a hearing before the House Budget Committee February 10, 2011 on Capitol Hill in Washington, DC. CBO Director Douglas Elmendorf testified at the hearing. (Photo by Alex Wong/Getty Images)

It's budget week in Washington. As the president has still not released his budget, for the first time in 92 years, the budget process will begin in Congress. As House Budget Committee Chairman Rep. Paul Ryan has taken the lead once again in presenting the House Republicans plan, Senate Democrats led by Sen. Patty Murray will produce a budget for the first time in four years.

POLITICO reports that Murray's plan calls for raising tax revenues by nearly $1 trillion while cutting spending by roughly the same over the next decade. Murray;s plan would cut $240 billion in defense spending and $275 billion in health care spending.

Ryan's plan will cut $4.6 trillion over the next 10 years and balance the federal budget by 2023, according to The Washington Times. Construction of the Keystone XL pipeline would be approved as a part of Ryan's plan, in addition to the repealing of President Obama's health care overhaul and replacing of traditional Medicare with a "premium support" system which Democrats label as a voucher system.

On 'Real News' Tuesday the panel discussed the opening moves by Republicans and Democrats on the budget this week, and where the president stands in the process.

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