President Obama will present his 2013 budget plan Monday

When President Barack Obama rolls out his 2013 budget proposal Monday, it's likely to unleash another round of political finger-pointing on Capitol Hill.

The White House bills the document as a "blueprint for how we can rebuild an economy where hard work pays off and responsibility is rewarded."

While the White House and Democrats are advocating a balanced approach to economic growth -- including spending cuts, increased tax revenue and investments in rebuilding infrastructure such as highways and bridges, Republicans will argue for deeper spending cuts and lower tax rates.

Both sides contend that their positions will bring the economic growth needed to stimulate significant reductions in the federal deficit and rising national debt.
The Obama budget proposal will project that the deficit for fiscal year 2012 will top $1.3 trillion, before falling in 2013 to $901 billion, or 5.5% of gross domestic product.

By 2022, the deficit is forecast to fall to $704 billion, or 2.8% of GDP, according to the White House.