President Obama will present his 2013 budget plan Monday

When President Barack Obama rolls out his 2013 budget proposal Monday, it's likely to unleash another round of political finger-pointing on Capitol Hill.

The White House bills the document as a "blueprint for how we can rebuild an economy where hard work pays off and responsibility is rewarded."

While the White House and Democrats are advocating a balanced approach to economic growth -- including spending cuts, increased tax revenue and investments in rebuilding infrastructure such as highways and bridges, Republicans will argue for deeper spending cuts and lower tax rates.

Both sides contend that their positions will bring the economic growth needed to stimulate significant reductions in the federal deficit and rising national debt.

The Obama budget proposal will project that the deficit for fiscal year 2012 will top $1.3 trillion, before falling in 2013 to $901 billion, or 5.5% of gross domestic product.

By 2022, the deficit is forecast to fall to $704 billion, or 2.8% of GDP, according to the White House.

Senior administration officials who discussed details of the budget with reporters said it reflects policy themes Obama presented in a major speech last year in Kansas and in his recent State of of the Union address.

In the Kansas speech, Obama presented Americans with a choice: a "fair shot" with him, or a return to "you're on your own economics" of the previous Republican administration under President George W. Bush.

Obama's 2013 budget proposal had to fit discretionary spending below the limits set in the Budget Control Act approved by Congress last summer.

Over a decade, the cuts enshrined in the Budget Control Act total in the neighborhood of $1 trillion in discretionary spending.

Under the White House plan, discretionary spending -- which generally means day-to-day government funding not including entitlement programs such as Social Security, Medicare and Medicaid -- is projected to fall from 8.7% of GDP in 2011 to 5.0% in 2022. However, details on specific program cuts were not immediately available.

A few areas of reduction are known: The Pentagon plans to spend $487 billion less over 10 years, a course that Secretary of Defense Leon Panetta has already laid out in some detail.

For example, Panetta has said the Army will save money by pulling two of its four brigades out of permanent bases in Europe to bases in the United States. Meanwhile, the Navy will be getting rid of older ships that don't have the latest ballistic missile defense.

The budget also raises taxes by $1.5 trillion, including a provision to allow the expiration of Bush-era tax cuts on families earning more than $250,000 a year, as well as incorporating the so-called Buffett Rule that requires households earning more than $1 million to pay a 30% tax rate.

Later this month, the president will unveil a plan to reform corporate taxes, including lowering rates, administration officials said.

The administration is also proposing a series of investments focused on infrastructure, education and domestic manufacturing, including $30 billion to modernize schools and an additional $30 billion to retain and hire teachers and first responders.

In addition, the budget will also offer details on what the White House calls a Financial Crisis Responsibility Fee. The tax will raise $61 billion over 10 years from large financial institutions to help offset the cost of the TARP bailout and Obama's mortgage-refinance programs.

With a presidential and congressional elections coming in November, the hostile political environment in Washington is expected to prevent the president's budget plan from advancing in Congress.

Virginia Gov. Robert McDonnell, delivering the Republican weekly address Saturday, said he expected Obama's budget proposal to "increase taxes, ignore entitlement reform and fail to address the federal debt."

"In short, we can expect that this will not be a proactive budget built to promote fiscal responsibility and future prosperity," McDonnell said. "Rather it appears we'll see a bloated budget that doubles down on the failed policies of the past."