The new GOP congress and the president are lining up for what promises to be a battle royale over the FY 2011 budget. The president has put back unveiling his budget for at least a week, while GOP lawmakers like Rand Paul want to bring budget cuts to the forefront in novel ways.Also, the budget debate will probably run smack into the deadline to raise the debt ceiling. Given all of this, even Obama realizes he is going to have to give on the issue, although there appear to be some red lines that Obama believes can't be crossed:That means Mr. Obama will be releasing his budget plan for the fiscal year that begins Oct. 1, 2011 just as he prepares for difficult negotiations with House Republicans over spending for the current budget year. The spending blueprint for fiscal 2012 could be momentous. Mr. Obama has promised spending cuts that will embody the "shared sacrifice" he says is needed to tame the $1.3 trillion budget deficit. It is also expected to launch broader debates...(Read Full Post)