William Galston with a post with a useful summary of the different CBO long term budget projections, as well as a prediction that the President is unlikely to offer substantial deficit reduction proposals in his budget. At this point, it seems as though the ongoing bi-partisan discussions in the Senate on at least a tax reform if not more comprehensive deficit reduction proposals may be the best hope for any action before the 2012 election.
Update 10am: Matt Yglesias well makes the point that cuts from FY 2011 budget do not address the long range deficit problems we have. We don't need symbolic (in terms of the magnitude of the long range problem) cuts to this years budget, we need a long range plan. If symbolism lead to real solutions, then maybe....but that doesn't seem to be what is likely to happen.