Washington (CNN) - Partisan warfare over taxes and spending is set to take center stage again in Washington this week, as Congress takes up a deal covering the budget for the remainder of the current fiscal year and President Barack Obama unveils his long-awaited deficit reduction plan.
House Republicans are also expected to push for a vote by Friday on their budget proposal for the next fiscal year. That plan, which cuts roughly $6 trillion in spending over the next decade while radically overhauling Medicare and Medicaid, is fiercely opposed by Democrats at both ends of Pennsylvania Avenue.
The outcome of the fight promises to have a major impact not only on the 2012 presidential race but on the size and scope of the federal government for years to come.
Obama and congressional Republicans have "very different visions over what the role of the federal government should be in our society," House Speaker John Boehner, R-Ohio, said Monday morning on Fox News. But "it's our obligation to sit down and ... find a way to work together."
Details of the deal covering the rest of fiscal year 2011, which ends September 30, are to be released Monday night.
The package, which was finalized late Friday in order to avoid a partial government shutdown, cuts spending by a total of $38.5 billion. It has been called insufficient by some Tea Party conservatives and labeled extreme in liberal quarters.
The House is scheduled to vote on the deal Wednesday, with the Senate following suit shortly thereafter.
Adding to the uproar: a coming debate over the need to raise the federal government's debt limit. Washington is rapidly nearing the roughly $14.29 trillion ceiling and is expected to exceed the cap by mid-May. Although the Federal Reserve can take some steps to delay the need to raise the cap until July, a failure to do so could ultimately lead to a default.
A default could devastate the economy, leading to a crashing dollar and skyrocketing interest rates, among other things.
Republicans are using the vote on the debt ceiling to demand additional spending reductions.
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