Toomey set to announce his own budget

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The timeline adopted by Toomey's budget is more aggressive than the GOP budget put forth in the House by Rep. Paul Ryan (R-Wis.), which aims to balance the budget before 2040. 

Rather, Toomey's budget appears to have more in common with an alternative House budget offered by the Republican Study Committee. When the conservative bloc of Republicans released that budget in April, lawmakers announced it would balance the budget in less than 10 years.

The exact number of co-sponsors on Toomey's package is unknown, but his office said it has garnered "a number" of Senate Republican colleagues.