One day after Janesville Congressman Paul Ryan unveiled his solution, democrats unveiled their's. It calls for a mix of spending cuts and tax hikes on the nation's top income earners. Ryan says Washington just needs to tighten its belt.
"We spend 4.6 trillion less over the next 10 years," said Ryan. "Every family needs to live within a budget we think the federal government should do the same as well."
If a bipartisan deal can't be reached, President Obama says it won't create crisis, but he'll consider it an opportunity missed.