Nomura has a little preview of the general budget politics going on.

Attention will likely focus on the US today as fiscal policy debates continue to rise to the fore. House Budget Chairman Paul Ryan will be releasing his FY2014 budget proposal, “The Path to Prosperity: A Responsible, balanced budget,” at a press conference this morning. Mr Ryan’s proposal will seek to balance the budget by 2023 with $4.6trn in spending cuts. In contrast neither the Senate proposal (expected to be released tomorrow) nor President Obama’s proposal is expected to set a target date for a balanced budget. The White House yesterday noted that its proposal will aim for “sensible, balanced deficit reduction” toward a “fiscally sustainable path,” rather than looking to explicitly balance revenues with spending.