According to the plan, the U.S. budget deficit would fall sharply to 528 billion dollars next year, 125 billion dollars in 2015 and 69 billion dollars in 2016.

The latest version of the "Path to Prosperity" plan is likely to be approved by the Republican-controlled House of Representatives. However, it is unlikely to become law in its entirety as it assumes a repeal of the so-called Obamacare and reduces the deficit without raising taxes, two elements which are unpalatable to the Democrats.

The new budget proposal is only the opening salvo of another round of budget battles in Washington. On Wednesday, for the first time since 2009, Senate Democrats will stake out their budget plan. Reports said the competing proposal aims at slashing deficit by 1. 85 trillion dollars over the next decade with roughly equal amounts of spending cuts and additional tax revenues. In stark contrast to the austerity touted by House Republicans, Senate Democrats envisioned a 100 billion dollars economic stimulus initiative.

Political bickering over the dueling proposals would intensify as the two parties finally reveal their priorities on the budget front. "While the House Republican budget aims to reduce the deficit, the math just doesn't add up. Deficit reduction that asks nothing from the wealthiest Americans has serious consequences for the middle class," White House spokesman Jay Carney said in a statement.

In a bid to bridge partisan differences, Obama plans to go to the Capitol Hill this week and meet separately with Democrats and Republicans of both chambers. The White House confirmed Tuesday that the President's budget, which usually comes in early February, would be delayed until the week of April 8.

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