Earlier this year, Sen. Bob Corker (R-TN) helped introduce the bipartisan CAP Act, which would aim to cut federal spending by $7.6 trillion over 10 years. Mark Humphrey/AP hide caption

itoggle caption Mark Humphrey/AP

House Budget Committee Chairman Paul Ryan (R-WI) takes questions in reaction to President Obama's speech on a federal spending plan at the Capitol on Wednesday. J. Scott Applewhite/AP hide caption

itoggle caption J. Scott Applewhite/AP

House Budget Committee Chairman Paul Ryan says the 2012 plan is about protecting Medicare. J. Scott Applewhite/AP hide caption

itoggle caption J. Scott Applewhite/AP

House Budget Committee Chairman Paul Ryan of Wisconsin, pictured with fellow Republicans at a news conference, said this week that "the biggest threat to Medicare is the status quo and the people defending it." Carolyn Kaster/AP hide caption

itoggle caption Carolyn Kaster/AP

President Obama outlined a mix of spending cuts and tax hikes to reduce the deficit Wednesday at George Washington University in Washington, D.C. Charles Dharapak/AP hide caption

itoggle caption Charles Dharapak/AP