President Barack Obama wants to raise taxes and cut spending to keep the government from going into a hole $1.1 trillion bigger than it already will be over the next 10 years. His proposal comes as part of a budget he outlined for the fiscal year 2012, which begins in October. His budget unveiling comes a few days after Republicans in the House of Representatives showed off their plan to save the federal government $60 billion in actual money during the next seven months.

Both figures are still paltry sums compared to the debt the federal government is piling up. That amount is nearing $14 trillion. It will continue to rise until the federal government is able to make sure entitlement programs such as Social Security and Medicare are more cost-effective. Neither Democrats nor Republicans have shown a willingness to address this issue in the immediate future.

Comparing Obama's proposal for next year to the Republicans' proposal for this year.

Reach executive producer Paresh Dave here. Follow him on Twitter: @peard33.