Obama sending Congress long-awaited 2014 budget

WASHINGTON (AP) -- President Barack Obama is sending Congress his long-awaited budget, an effort to achieve an elusive "grand bargain" to tame runaway deficits that have soared above $1 trillion for each of the past four years.

Obama's spending blueprint for the 2014 budget year would accomplish the deficit cuts through a combination of further tax increases, further reductions in the growth of spending and reductions in the growth of the government's biggest benefit programs, Social Security and Medicare.

But instead of moving Congress nearer a grand bargain, Obama's proposals so far have managed to anger Republicans and Democrats alike.

Obama's Democratic allies have attacked him for pursuing cuts in Social Security and Medicare, while Republicans have rejected the president's efforts to raise taxes further.