9.34pm GMT

We're going to wrap up our live blog coverage for the evening.

House budget committee chair Paul Ryan presented his new budget today, which would achieve balance in 10 years with marginal tax rates topping out at 25%. The budget slashes nondefense discretionary spending and introduces a private market for Medicare benefits. Ryan called for action now to save entitlement programs before they go bankrupt.

The White House said Ryan's budget was worse than the one his running mate Mitt Romney pitched last year. Spokesman Jay Carney said the only way for Ryan's tax plan for work would be to impose crippling new taxes on the middle class. He pointed out that Ryan's budget incorporates savings the president won – and Republicans fought against – in the fiscal cliff deal.

President Obama told Senate Democrats to prepare to cut a deal that would curtail entitlements, according to legislators who ate lunch with him. The precondition for any such deal, he assured them, would be Republicans making concessions on new tax revenues. Also pigs must fly.

The president returns to the Hill tomorrow – and the next day – in continued pursuit of a budget solution. Stay tuned.